The Income Tax Department had extended the last date for filing ITR for the financial year 2024-25 from July 31 to September 15, 2025. This is definitely a relief, but it does not mean that you become careless. If you do not file your return on time, you may have to face action like penalty, interest, loss of tax benefits and even jail.

Negligence will be costly

The Income Tax Department (CBDT) had extended the last date for filing ITR for the financial year 2024-25 (assessment year 2025-26) from July 31 to September 15, 2025. This extension was made due to structural changes in the ITR form, such as changes in Capital Gains Tax, new tax slab system etc. But this relief is limited only to the date. If you do not file the return even by September 15, then you may get into many troubles.

Late filing fees also

If you do not file your return by the due date, you will have to pay late filing fees under Section 234F of the Income Tax Act. If your total taxable income is more than 5 lakhs, you may face a penalty of up to 5,000. For those with income less than 5 lakhs, this penalty is limited to 1,000.

1% interest will have to be paid every month

Late filing of returns will attract interest of 1% per month under section 234A. This interest will be charged for every month or part thereof after September 15, 2025, until the return is filed or the ‘best judgment assessment’ is done by the revenue department. This interest can put an additional burden on the tax liability.

Will not be able to avail tax exemption

If you file your return after the due date, you will not be able to avail some important tax exemptions. Apart from this, you cannot carry forward the business losses incurred in a financial year to the next year.

Heavy penalty for giving wrong information

If your income is taxable but you deliberately did not file the return, then the Income Tax Department can impose a penalty of up to 50% of the tax amount on you under section 270A. This case is made when the intention to hide tax or give wrong information is proved.

There is also provision for jail in serious cases

If the remaining amount of tax is more than 25 lakhs and you deliberately did not file ITR, then the Income Tax Department can prosecute you under section 276CC. Under this, you can be punished with a minimum sentence of 6 months to 7 years and a fine.

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The highest fines imposed on visas

The heaviest fine has been imposed on Visa. The Reserve Bank has imposed a fine of Rs 2.4 crore on Visa Worldwide Private Limited, a multinational payment processing company. Visa was accused of implementing a payment authentication solution without regulatory approval from the Reserve Bank.

Visa said it respects the rules

A Visa spokesperson said in a statement that Visa respects and fully follows compliance guidelines, regulations and local rules of all the countries in which it operates. The company acknowledged the action taken by the RBI and said that it will follow the rules and regulations set by the Reserve Bank in India and will continue to provide secure payment solutions.

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Ola Financial fined more than 87 lakhs

RBI informed about these actions in separate orders on Friday. According to an order of RBI, Ola Financial Services has been fined more than Rs 87.50 lakh. The company has been fined Rs 33.40 lakh in one case. This fine is for not complying with the provisions of KYC. Apart from that, another fine of Rs 54.15 lakh has also been imposed due to lack of compliance with the provision related to payment and settlement system.

41.50 lakh fine imposed on Manappuram Finance

Similarly, the Reserve Bank has imposed a fine of Rs 41.50 lakh on Manappuram Finance. The action taken against Manappuram Finance is due to lack of compliance with KYC rules. RBI has said that Manappuram Finance failed to properly comply with the provisions issued by it on Know Your Customer (KYC). Due to this, RBI has decided to impose a fine.

The post RBI imposed heavy penalty on these three big companies including Ola-Visa first appeared on Rightsofemployees.com.

Many times a passenger is unable to get a confirmed ticket or if he does not get a ticket to his destination, then heavy penalty is imposed by the railways. Now you can pay this penalty also through card. Railways is connecting electronic devices with 4G to run them smoothly.

A new step has been taken by the Railways. In this step, you can pay the fare or fine in the train with the debit card. That is, now if you do not have a train ticket, then after boarding the train, you can also get it made by paying with the card.

According to the railway rules, if you do not have a reservation and you have to go somewhere by train, then you can board the train only by taking platform ticket.

You can get tickets made very easily by going to the ticket checker. This rule (Indian Railways Rules) has been made by the Railways itself. For this, you will have to contact TTE immediately by taking a platform ticket. Then TTE will create a ticket till your destination point.

According to the Railway Board, the officers have 2G SIMs installed in the Point of Selling ie POS machines, due to which there is network problem in distant areas, but now you do not need to worry. The facility of 4G SIM is being started by the Railways for these machines, so you can easily make the payment.

The post Indian Railways: Good news for crores of railway passengers, now tickets are not needed for traveling in the train! Know how? first appeared on Rightsofemployees.com.

RBI said that instead of charging interest on interest, banks should charge separately. The process of adding penal interest to the principal amount should be stopped. It has also been suggested to make the fee charged as a penalty transparent and not to charge huge charges. RBI may soon issue a new guideline regarding this rule.

According to media report, giving information about the decisions taken in the RBI MPC meeting, it was said that there is a need for transparency and proper guidelines regarding the penalty and interest rate on loans and credit cards. At present, each credit card issuing entity decides on its own interest and penalty. At present, there is no such guideline on the basis of which the decision regarding penalty and interest should be taken.

RBI will prepare a draft related to the guidelines

RBI says that it will first prepare a draft related to the guidelines. After this, it will be discussed together with different stake holders like banks, multiple entities and borrowers and then the final guideline will be issued. When the final guideline will be issued by RBI in this regard, then this rule will be applicable to all banks, NBFCs and other financial entities.

Additional interest up to 1-2% per month

Apart from credit cards, charges on various types of financial transactions including loan EMI, check bounce will be included in the purview of RBI guidelines. The aim of the Reserve Bank is to bring transparency and uniformity regarding all types of charges. At present, a penalty of up to 1-2 per cent is imposed every month for not paying the EMI on the loan on time.

Apart from this, a separate late fee charge is also collected. The rules for each entity are different. When the guidelines of RBI will be released, from then only one rule will be applicable for every entity.

The post RBI’s big relief: If the loan is not repaid on time, then heavy penalty will not have to be given first appeared on Rightsofemployees.com.

Many times a passenger is unable to get a confirmed ticket or if he does not get a ticket to his destination, then heavy penalty is imposed by the railways. Now you can pay this penalty also through card. Railways is connecting electronic devices with 4G to run them smoothly.

A new step has been taken by the Railways. In this step, you can pay the fare or fine in the train with the debit card. That is, now if you do not have a train ticket, then after boarding the train, you can also get it made by paying with the card.

According to the railway rules, if you do not have a reservation and you have to go somewhere by train, then you can board the train only by taking platform ticket.

You can get tickets made very easily by going to the ticket checker. This rule (Indian Railways Rules) has been made by the Railways itself. For this, you will have to contact TTE immediately by taking a platform ticket. Then TTE will create a ticket till your destination point.

According to the Railway Board, the officers have 2G SIMs installed in the Point of Selling ie POS machines, due to which there is network problem in distant areas, but now you do not need to worry. The facility of 4G SIM is being started by the Railways for these machines, so you can easily make the payment.

The post Indian Railways: Good news for railway passengers, now tickets are not needed for traveling in the train! Know how? first appeared on Rightsofemployees.com.