Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
What if I cannot file the Income Tax Return on Time?
2 mins
3.1KIf you fall under the taxable bracket, then filing Income Tax Returns is necessary. Delay in filing ITR or avoiding the process of filing ITR can lead to complications later on. Moreover, in order to avoid the last-minute rush, it is advisable that you file ITR before the 31st of July. In case you miss the deadline due to any reason, you can still file ITR. However, it may invite a penalty.
We have listed down five things that will happen if you do not file ITR on time:
Penalty
There is a three-tier fee system for not filing ITR on time. If you file ITR after the due date but before 31st of December, then the late fee will be Rs. 5000 whereas in other cases the fee can extend up to Rs. 10,000. However, if your income is less than 5,00,000, the fee shall be restricted to Rs. 1,000.
Reduced time for Revising your ITR
For instance, while filing the ITR you end up making an error, you are only allowed to make changes before the March month. Earlier, the taxpayers had a 2-year window to revise and resubmit their ITR, which now has been decreased to one year. Which is why it is essential that you file ITR as early as possible, it provides you with a longer window to revise your errors.
Interest on the Tax Amount
If the ITR is not filed on the due date , an interest rate of 1 percent per month is levied till the time ITR is filed. This said the interest is payable on the taxes after the deduction of TDS (tax deducted at source) , TCS (Tax collected at source), advance tax and other tax credits provided by the law.
No, Carry Forward of Losses
If you don't file ITR within the due date, you will not be allowed to carry forward any losses under the window of 'gains and profits of business or profession' or the 'capital gains'. However, an unabsorbed depreciation or loss under the window of 'income from house property' will be allowed to be carried forward.
Delay in the ITR Processing
Once you file the return and its verification is duly completed, the Central Processing Centre of Income Tax Department processes the ITR. It is only after the processing the tax liability or the refund of the taxpayer is determined. Therefore, if you are trying to claim a refund, delay in filing ITR will only result in delayed receipt of your tax refunds.
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Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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