ITR Income Tax filling stay alert, Delay In tax what will happen with you
The financial year in the country starts from April 1 and ends March 31. After the financial year ending March 31, the legal responsibility of the people is to file an Income Tax Return. This time, people have to file their tax returns for the financial year 2018-19. For this, people get 4 months, i.e. by 31 July 2019 people have the opportunity to file their income tax returns. If people file their income tax returns during this period, then fine, otherwise those fines can be imposed. Yes, people with this fine can file their returns by March 31, 2020.
Notice of income tax department can come
If anybody does not file their income tax returns by July 31, 2019, the Income Tax department can also send the notice. That's why there is still a chance that you can avoid legal problems by filing returns.
How much will pay penalties
The income tax law of the country has been changed. This change was done by Finance Minister Arun Jaitley in the 2017 budget. This penalty has come into effect from the financial year 2017-18. Earlier this was not a rule and the Ascending Officer used to decide whether to impose penalty on delayed income tax file. Penalty has become mandatory after the joining of section 234F in the Income Tax Act, if there is a late file of return.
You can file a return after 31 July 2019 and by December 31, 2019, then you can apply for a 5,000 rupee late fee.
For filing returns, from January 1, 2020 to March 31, 2020, a fine of Rs 10,000 can be imposed.
Penalty reduced on small taxpayers
If there is a small taxpayer, whose total earnings is less than Rs. 5 lakhs, and they file returns before March 31, then a maximum penalty fee of Rs. 1000 can be imposed on them.
If the total income of any taxpayers is within the scope of the tax slab exemption, then there is no penalty for filing returns from the late.