What if I do not pay my income tax
If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against you, including:
Penalty: The Income Tax Department can impose a penalty on the outstanding amount. The penalty amount can be up to 50% of the tax due.
Interest: If you do not pay your taxes by the due date, the Department can charge interest on the outstanding amount. The current interest rate for delay in payment is 1% per month.
For more information, visit this site: https://www.incometax.gov.in/
Prosecution: If the tax evasion is serious, the Income Tax Department can file a criminal case against you, which can lead to imprisonment for a term ranging from 3 months to 7 years.
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