INSUBCONTINENT EXCLUSIVE:
Income tax laws: Filing a belated income tax return attracts a penalty up to Rs 10,000Did you know that not filing an ITR or income tax
return after due date attracts a penalty? A belated income tax return attracts a "late filing fee" under Section 234F of the Income Tax Act,
as per current income tax laws
An income tax return or "return of income" not furnished on or before the due date is known as a belated return
Filing a belated income tax return attracts a penalty up to Rs 10,000
(Wondering which form to use for income tax return? Find out here)A late filing fee of Rs 5,000 is payable by the assessee for furnishing an
income tax return after the due date (August 31) but before December 31 of the assessment year, according to the Income Tax Department's
website - incometaxindia.gov.in.(Income Tax Department says no change in forms, only utility software updated)That means, an income tax
return for assessment year 2019-20 (financial year 2018-19) filed between August 31 and December 31 will attract a penalty charge of Rs
5,000.(How to claim Rs 3.5 lakh income tax deduction against home loans)In other cases, wherein an income tax return is filed after December
31 but before March 31, a late filing fee of Rs 10,000 is applicable.( How to verify income tax return online using Aadhaar)However, the
late filing fee cannot exceed Rs 1,000 in case the total income of the assessee does not exceed Rs 5 lakh, according to the income tax
laws.Meanwhile, the Income Tax Department has extended the due date for assessees to file their income tax returns by one month
Now, income tax assessees - who were originally required to file their income tax returns by July 31 - will be required to file their iITRs
by August 31, according to an official statement.Get Breaking news, live coverage, and Latest News from India and around the world on
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