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File your income tax return before July 31 to avoid paying penal fees

July, 26th 2018
I am not yet ready to file my income tax return. What happens if I file the return after the July 31 deadline? This year if you do not file the return within the due date, you will end up paying penal fees. The amount of fee would depend upon when exactly you file the return. It’s Rs 5,000, if the return is filed after the due date (July 31) but before December 31, 2018 and Rs 10,000 if filed afterwards but before March 31, 2019. The amount of fee is restricted toRs 1,000 if the total income does not exceed Rs 500,000. If you fail to file the return by March 31, 2019, you will ...