What is the penalty on Filing ITR Late Check out our course on Income Taxhere. Check out the Workbook on Income Taxhere. Related Articles: How to Revise Income Tax Return (ITR) After e-filing ITR: ITR-V,Receipt Status,Intimation u/s 143(1) ...
Penalty for Late Filing Income Tax Returns When filing your Income Tax Return (ITR), it's crucial to meet the Income tax return filing last date to avoid penalties and maximise benefits: Interest:If you miss the deadline for Income tax filing, under Section 234A, you will incur an interes...
As per the new law, Late Filing Fees u/s 234F will be levied. The Late filing fee isa penalty of Rs 5,000will be levied if the return is filed after the due date but beforeDecember 31of that year and Rs10,000 post-December 31. However, if your income is not more than Rs5 lak...
Revised returns aremore likelyto be chosen for scrutiny and if any omission is found purposeful, especially if income has been revised higher, you could be penalized with a fine or even imprisonment. If revised return is filed to correct a bonafide mistake then no penalty can be levied, othe...