Income Tax Return: What is the penalty for filing ITR after the last date? Know how much you will lose

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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 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. This late filing fee will be charged under section 234F. For small taxpayers whose taxable income does not exceed Rs 5 lakh, a penalty of Rs 1,000 will be levied for missing the deadline for filing ITR.

Time limit for filing income tax return is different for different taxpayers . As per the current income tax laws, the last date for filing ITR for Individuals and Hindu Undivided Families (HUFs) is July 31 (unless extended by the government). July 31 is the last date for filing ITR applicable to taxpayers whose accounts are not required to be audited.

One crore returns can come on the last day

Revenue Secretary Tarun Bajaj had recently told that a large number of people file income tax returns on the last day. “Last time 9-10 per cent returns were filed on the last day. Last year 50 lakh returns were filed on the last day. This time I have asked to be ready for one crore return on the last date.

 

The post Income Tax Return: What is the penalty for filing ITR after the last date? Know how much you will lose first appeared on Informalnewz.



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