There is not any direct interest on Late filling of ITR. (this may Impose Penalties) But, If you do not file income tax returns on or before the due date, you would be required 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 sectionRead more
There is not any direct interest on Late filling of ITR. (this may Impose Penalties)
But, If you do not file income tax returns on or before the due date, you would be required 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.
It’s important to note that one’s ITR cannot be filed if one hasn’t paid the taxes.
Penalties :
Late Filing Fees u/s 234F
Effective from the FY 2017-28, a late filing fee will be applicable for filing your returns after the due date under section 234F. For instance after due date for FY 2020-21 which is 31st Dec 2021.
The maximum penalty is Rs. 10,000. If you file your ITR after the due date (30th Sep) but before 31 December, a penalty of Rs 5000 will be levied.
For returns filed later than 31 December of the relevant assessment year, the penalty levied will be increased to Rs.10,000.
There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
There is not any direct interest on Late filling of ITR. (this may Impose Penalties) But, If you do not file income tax returns on or before the due date, you would be required 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 sectionRead more
There is not any direct interest on Late filling of ITR. (this may Impose Penalties)
But, If you do not file income tax returns on or before the due date, you would be required 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.
It’s important to note that one’s ITR cannot be filed if one hasn’t paid the taxes.
Penalties :
Late Filing Fees u/s 234F
Effective from the FY 2017-28, a late filing fee will be applicable for filing your returns after the due date under section 234F. For instance after due date for FY 2020-21 which is 31st Dec 2021.
The maximum penalty is Rs. 10,000. If you file your ITR after the due date (30th Sep) but before 31 December, a penalty of Rs 5000 will be levied.
For returns filed later than 31 December of the relevant assessment year, the penalty levied will be increased to Rs.10,000.
There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
See less