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Why should I pay penalty and interest on a late payment when I never received my tax
As you can see, the difference between tax penalties and interest is pretty simple to understand. Penalties are assessed for the failure to file a return or failure to pay on time. Interest, in a similar fashion to the failure to pay penalty, is charged on late or unpaid taxes.
If you miss filing ITR by the due date, you can file the belated return by 31st December 2022. However, you are required to pay the penalty for late filing.
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