News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Direct Tax »
 Redeemed your MF? It s important to report capital gains or losses in ITR
  CBDT allows income tax authorities to share information with CCI
 Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen
 Know tax treatment of gains/losses from stock trading
 Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
 High value transactions, other details that your tax passbook will show Form 26AS
  Check fine for late filing and misreporting income Income Tax Return
 Income tax rules for mutual fund investment: How gains are taxed
 Don't make these mistakes while filing ITR to avoid tax noticea
 Notification No. 49/2020 CENTRAL BOARD OF DIRECT TAXES
 Going to file your Income Tax Return? Know which ITR Form to use
 TDS on Cash Withdrawals: CBDT clarifies on Validity of Exemption Notifications
 The big-ticket transactions that can bring you under the radar of the I-T dept
 CBIC &CBDT sign MoU to Facilitate Smoother Bilateral Exchange of Data
 CBDT clarifies on Validity of Exemption Notifications TDS on Cash Withdrawals

Check fine for late filing and misreporting income Income Tax Return
July, 28th 2020

The last date for the filing of the income tax return for the financial year 2019-20 is November 30. The Finance Minister had extended the deadline in May, as part of the COVID-19 relief package. Typically, the last date to file ITR is July 31.

If you miss the deadline to file ITR, or mistakenly under-report earnings, you will have to pay a fine as mentioned below:

Late filing of Income Tax

 

If a taxpayer fails to furnish the income tax return before the deadline, a penalty of Rs 5,000 will be imposed if the return is furnished on or before December 31 of the assessment year.

 

The fine increases to Rs 10,000 if ITR is furnished after December 31 of the assessment year. However, if the taxpayer falls in the income bracket of up to Rs 5 lakh, the fine will be Rs 1,000.

Under-reporting and misreporting of income

If found to have under-reported income, the taxpayer will have to pay a fine of 50 percent of the tax payable on under-reported income. This is in addition to the tax, which the person will have to pay on the misreported income.

If under-reported income is in consequence of any misreporting, the penalty will increase to 200 percent of the amount of tax payable on under-reported income.

Misreporting of income includes the following: suppression of facts, not recording investments in books of account, claiming an expenditure not substantiated by any evidence, recording a false entry in the books, not recording receipts in the books having bearing on total income and failure to report an international transaction.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting