Late Income Tax Filing Fee Details E- Filing Date Total income ₹ 5,00,000 Total income of more than ₹ 5,00,000 Before 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) ₹ 0 ₹ 0 After Due Date But Before 31st December ₹ 1,000 ₹ 5,000 Note: From AY 2021...
The last date to file income tax returns (ITR) for FY 2023-24 is July 31, 2024. The Income Tax Department confirmed that there will be no extension, despite rumours Problems with the e-filing portal are noted but unlikely to cause an extension. Late filing will result in penalties. The ...
Understand Tax Penalties The tax world is governed by deadlines and obligations. Failing to adhere to these can result in penalties. Whether it's a late filing, late payment, or inaccurate claims, understanding the potential penalties can influence decisions, ensuring timely and accurate filings. No...
5. Avoid penalties and late filing fees The Income Tax Department can impose a penalty of up to ₹5,000 for delayed filing or non-filing of an ITR. An additional penal interest on the unpaid tax liability will also be levied if you're filing return after the due date. ...
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Filing income tax returns (ITR) is a crucial duty of every taxpayer in India, ensuring adherence to the nation's tax regulations. It involves detailing all sources of income, deductions, and tax liabilities for a comprehensive report to the Income Tax Department. Early ITR e-filing helps avoid...
Understanding what qualifies as taxable and tax-free income is crucial for accurate tax filing. Taxable income includes wages, independent contractor earnings, and rental income, while some types of income may be tax-free. This page will help you navigate the different forms and requirements for ...
What are the Existing Tax Slabs? What are the New Income Tax Slab Rates? Exceptions to the Income Tax Slab What is Advance Tax? Income Tax Return Filing What are the Income Tax Forms? E-filing Income Tax Returns Documents Required to E-file Income Tax Returns Income Tax Calculation 5...
Our tax guide breaks down every major income tax bracket, tax deductions, credits and more. Get help here while filing.
But this penalty accrues more slowly than the late-filing penalty -- at just 0.5% a month for 50 months. On top of that, interest on the past-due amount will also start to accrue. Liar-liar-pants-on-fire penalty:The act offiling a false returncan lead to a $5,000 penalty. And ...