Penalty Charges for Late Filing or Non Filing of Income Tax Return.
Last date of filing of income tax return every year is 31st July (for non-Companies) and 31st September(for Companies). You are compelled to file your IT return within due date. If you have failed to filing your income tax return on or before the due date you have to pay penalty or interest. Here we'll discuss how much Interest and Penalty to be levied for late filing or non filing of IT return.
Late Filing penalty for Income Tax Return has been changed w.e.f 1-4-2018.
As per new section of the 234F the penalty for Late Filing is Rs.10,000/-.
Late filing fee is as follows:
Late fee of Rs.5000 will be levied if returns filed after the due date (31st July) but before the 31st December of the relevant assessment year or
Rs. 10,000 who have filed return on or after 1st January of the relevant Assessment Year.
However, if your income below or equal to Rs. 500000 then penalty will not exceeds Rs. 1,000.
Please be noted, if you have any unpaid tax liability then you'll have to levied penalty interest as per your case, if you have filed belated returns.
DUE DATE OF FILING OF IT RETURN:
Due Dates to Filing Income Tax Return for FY 2017-18 AY 2018-19 is over which was 31/08/2018(Extended).
However RETURN can be filed late with penal interest and charges within 31st March of the relevant assessment year which will be called belated return.
INTEREST AND FINE FOR BELATED RETURN:
Example:
Mr X failed to filed his income tax return for A.Y. 2018-19 on or before due date i.e 31-07-2018 (31/08/2018 for FY 2017-18 (Extended)) which he can be filed at the end of the assessment year i.e upto 31-03-2019.
In that case,
Mr X will have to be borne a penal interest on unpaid liability @ 1% of every month.
And late filing fee as per below time line,
1. Rs. 5000 for filing return after due dates as specified in section 139(1) of the Act but before 31st Dec 2018
2. Rs.10000 for filing return on or after 1st January 2019 but before 31st March 2019.
3. Rs.1000 who have income not exceeding Rs.500000.
So you are hereby advised to file your income tax return on time. We are here to assist you to file income tax return if you needed for.
Last date of filing of income tax return every year is 31st July (for non-Companies) and 31st September(for Companies). You are compelled to file your IT return within due date. If you have failed to filing your income tax return on or before the due date you have to pay penalty or interest. Here we'll discuss how much Interest and Penalty to be levied for late filing or non filing of IT return.
Late Filing penalty for Income Tax Return has been changed w.e.f 1-4-2018.
As per new section of the 234F the penalty for Late Filing is Rs.10,000/-.
Late filing fee is as follows:
Late fee of Rs.5000 will be levied if returns filed after the due date (31st July) but before the 31st December of the relevant assessment year or
Rs. 10,000 who have filed return on or after 1st January of the relevant Assessment Year.
However, if your income below or equal to Rs. 500000 then penalty will not exceeds Rs. 1,000.
Please be noted, if you have any unpaid tax liability then you'll have to levied penalty interest as per your case, if you have filed belated returns.
DUE DATE OF FILING OF IT RETURN:
Due Dates to Filing Income Tax Return for FY 2017-18 AY 2018-19 is over which was 31/08/2018(Extended).
However RETURN can be filed late with penal interest and charges within 31st March of the relevant assessment year which will be called belated return.
INTEREST AND FINE FOR BELATED RETURN:
Example:
Mr X failed to filed his income tax return for A.Y. 2018-19 on or before due date i.e 31-07-2018 (31/08/2018 for FY 2017-18 (Extended)) which he can be filed at the end of the assessment year i.e upto 31-03-2019.
In that case,
Mr X will have to be borne a penal interest on unpaid liability @ 1% of every month.
And late filing fee as per below time line,
1. Rs. 5000 for filing return after due dates as specified in section 139(1) of the Act but before 31st Dec 2018
2. Rs.10000 for filing return on or after 1st January 2019 but before 31st March 2019.
3. Rs.1000 who have income not exceeding Rs.500000.
So you are hereby advised to file your income tax return on time. We are here to assist you to file income tax return if you needed for.
