financial services · Income Tax · income tax return

Penalty you will pay for missing ITR filing deadline

Penalty you will pay for missing ITR filing deadline

31st July is the last date to file an income tax return for the financial year 2018-19. If any taxpayers fail to pay the taxes on time, then he will be liable to pay the additional charges for not compensating the taxes on time. Moreover, as per the new rule’s the penalty for late filing under section 234F of the income tax act which came into effect from 1 April 2017, filing ITR after the deadline can make tax assessee to pay a maximum penalty of Rs 10,000.

Meanwhile, the due date of itr filing has almost approached and if you want to break down the extra charges, just file ITR before the deadline ends.Besides, after the filing of ITR has transformedinto the modest platform, where you are no more allowed to wait for prolonged hours in the queue, now you can easily login to efiling login website.

It’s one of the simplest ways to file your returns without any hassle. But if you file income tax returns post 31 July but before December of this year (i.e. 2019), a penalty of Rs 5000 will be levied. For returns filed after December 2019, the penalty limit will be increased to Rs 10,000. However, as a relief to small taxpayers, the IT department has specified that if your total income is not more than Rs 5 lakh, the maximum penalty levied for adjournment will only be Rs 1000.

Whereas, if individuals do not file income tax returns on or before the due date, they would be obligatory to pay interest at the rate of 1% for every month, or part of a month, on the amount of tax remaining unpaid as per section 234A.

A taxpayer is liable to pay late ITR filing fees of:

  1. a) Rs 5,000 if the tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2019).
  2. b) Rs 10,000 if the tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31 (in this case between 1 January 2020 and March 31, 2029).

 

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