INSUBCONTINENT EXCLUSIVE:
Filing an income tax return after the due date attracts a penalty fee up to Rs 10,000 under current laws.The Income Tax Department has set
Missing the last date attracts penalty charges, according to income tax rules
The taxman has stipulated a penalty fee ranging from Rs 5,000 to Rs 10,000 for filing a belated income tax return, according to the Income
is known as a belated return
A belated return of income is furnished under section 139(4) of the Income Tax Act.What happens if one misses the income tax deadline?An
assessee who does not submit a return of income within the time period stipulated by the Income Tax Department is allowed to file a belated
Such assessees are required to file the income tax return before the end of the assessment year/completion of assessment, or one year before
the end of the relevant assessment year/completion of assessment, whichever earlier.However, certain penalty charges are applicable in case
of a belated income tax return (ITR)
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