Income Tax Return: What is the penalty for filing ITR after the last date? Know how much you will lose
Income Tax Return: ITR filed after the deadline is called delayed ITR. There is a penalty for late filing of ITR. The rule for individuals is that if the ITR is filed after July 31, a late filing fee of Rs 5,000 will be levied. New Delhi: The last date for filing Income Tax Return is now very close. 31st July is the last date for filing ITR. The government says that it has no intention of extending the last date for filing income tax returns. In such a situation, now you have only a few days left to file ITR. If you fail to file the return by the deadline, you will have to pay a penalty. If you file ITR after the expiry of the deadline, interest penalty may be levied under section 234A of the Income Tax Act, 1961. Other action can also be taken by the Income Tax Department for non-filing of ITR. What are the rules of penalty At present, the Income Tax Act of India allows individuals to file ITR even after the expiry of the deadline. ITR filed after the deadline is called delayed IT...