sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Service Tax »
 5 compelling reasons to make income tax saving investment now
 Senior Citizen? Are you aware of these income tax benefits
 Facing difficulty in Income Tax Return filing? These apps can help you out
 Filing ITR-1 Sahaj Form will not be the same anymore; Check out what has changed
 If you haven't filed your taxes yet, here are some last-minute tips
  ITR-1 for FY2018-19 asks for interest income break-up from tax payers
 Check Your Income Tax Refund Status? Here's A Step-By-Step Guide
 How to calculate gratuity and the tax exemption amount you can avail on it
 What Latest Changes In Income Tax Forms Mean For You
 Companies (Incorporation) Third Amendment Rule,2019
 Last date, process, e-filing registration, status, form 16, all you need to know Income Tax Return (ITR) Filing 2019-20

Did you not file? Know exactly how much penalty you will have to pay
February, 18th 2019

Income tax return filing consists of a form that needs to be filled properly and honestly. However, if an ITR is not filed then you are in trouble as the Income Tax department will impose various penalties on you.

Income tax return (ITR) filing: Taxes form a major part of the outgo for any salaried employee. However, not everyone has to pay taxes and file Income Tax Return. Yet, it can be said that a majority of working class people are liable to pay taxes. To make tax compliance easier for taxpayers, the Income Tax Department has broken down taxpayers into various groups based on their income and source. Paying income tax return consists of a form that needs to be filled. However, if an ITR is not filed, then you are in trouble as the Income Tax department will impose various penalties on you.

Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,—

(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;

(b) ten thousand rupees in any other case:

Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

For your understanding, let's say if your salary is below Rs 250,000 (the threshold limit below which income is not taxable), then such fee is not applicable as you file your return voluntarily.

However, if your income is above Rs 250,000 but below Rs 500,000, then the late filing fee of Rs 1,000 will be slapped on you.

For all income above Rs 500,000, then late filing fee is prescribed as Rs 5,000 penalty will be imposed on or before December 31 every assessment year. The penalty can go up to Rs 10,000 on other cases.

Hence, it is advisable as a responsible citizen to make sure you file your ITR honestly and do not delay. No one likes to pay extra on their taxes especially in the form of penalties. Also, if you continue to default in filing ITR, then you can also come under the IT-department's blacklist.

There are 7 forms of ITR which needs to be furnished. These forms ask for various details about income from all sources and indicates the taxes imposed thereon by the Income Tax department.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions