Did the date for receiving income tax return (ITR-filing) for the 2018-19 fiscal year (the evaluation year 2019-20) miss on August 31? Well, you don’t have to care because you still can submit a late transfer. However, according to its blog-incometaxindia.gov.in, the Income Tax (I-T) office has specified a punishment payment varying from Rs. 5,000 to Rs. 10,000 for lodging a late income tax return.
Accordance with Article 139(4) of the ITR-Filing, a late revenue report is provided. Based on the degree of error, the quantity of punishment payable by the evaluations requesting an early transfer rises. (Also print: 3.61 Crore Income Tax Department of 5.65 Crore Returns Verified).
Key information about late income tax return (ITR) can be found here:
- Any person who has not furnished income return within the time allowed under section 139(1) of the Income Tax Act may furnish returns for any previous year at any time before the end of the corresponding assessment year or before the completion of the assessment, whichever is earlier, according to the I-T department.
- Under paragraph 234F of the Income Tax Act, a late payment draws registration charges.
- Income Tax laws state that if an employee records ITR after owing time but prior to December 31, a penalty of Rs. 5,000 is relevant.
- If the assessee files the transfer next year between January 1 and March 31, the punishment rises to Rs. 10,000.
- However, those with an annual income of Rs. 5 lakh require to pay Rs. 1,000 after the due date for filing ITR.
What are an individual’s revenue ITR-Filing tax exemption restrictions?
There are three classes of private taxpayers-individuals (under 60 years of era) that include residents as well as non-residents, junior residents (60 years of era and over but under 80 years of era) and super senior residents (above 80 years of era). The filing of income tax returns no need for individuals with an estimated revenue of up to Rs. 2.5 lakh. For senior citizens (individuals between 60 and 80 years of age), the limit is Rs. 3 lakh and the limit is Rs. 5 lakh for very senior citizens (over 80 years of age), according to the taxman.
On its blog, the Income Tax Department has developed a step-by-step manual for assessees to plan and file internet their income tax return (ITR).