Ask a Question
If you file your Income tax return late, then under section 234F of the Income Tax Act, you have to pay the maximum penalty of INR 5,000 under section 139(1). If the total amount of the person is not more than 5 lakhs, then he will only have to pay a 1000 INR late filing fee.
If you file your income tax after the due date, then you have to pay late fees of 1000 INR for the annual taxable income of less than 5 lakhs, and 5000 INR for the late ITR filing for More than 5 lakhs annual taxable income.
If you have mistakenly filled in any incorrect information in your Income tax return, you can apply for the revised return within 31 December of the assessment year. This will simply mean that you have 9 months from the end of a financial year to make any corrections in your Income tax return.
Share Your Thoughts and Connect with Others.
In India, you can avoid the tax on the property by reducing the tax scale and by the use of specific exemptions which are provided under sections 54, 54EC, and...
An NRI is taxable on the following types of Income given below: Any income that he or she earns in India through any work or business that is in India,...
Given below are some common mistakes made by the applicant when claiming 87A to avoid notices from the Income Tax department: Not filing the correct information: If the applicant is...
Here are some of the disadvantages of forming an HUF: It impacts the partition distribution to the HUFs. Have complex compliance. Only a limited number of persons can apply under...
Given below are some of the major differences between sections 54 and 54F: -Section 54 grants to calim a full exemption on the whole capital gains that have to be...
A rebate is a benefit in taxes which are provided to middle to low-income earners. It is only applicable to resident individuals who are earning income under the 10% slab...
The tax implications of an NRI from the Income from salary are -If NRI gets any salaries from the services provided in India. -Any form of salary received by an...
To fill an income Tax return for the salaried employees, you need to submit the following documents given below: -You need to submit your valid PAN card -Provide a...
Let Savetaxs guide you to the perfect solution for all your queries.
If you failed to file your ITR before the due date, then you have to pay the penalty of 5000 INR for filing a late ITR, and you will be liable to pay interest at 1% per month for the unpaid tax income. You must file your Income tax return before the due date and by completing all your tax dues.
Here are some other consequences of filing your Income tax return late:
If you have missed filing your ITR and want to file now, you must file the ITR under the new tax regime. In such cases, taxpayers cannot file the ITR under the old tax regime to claim deductions and exemptions. Additionally, filing your Income tax return late can postpone your refund process.