Belated ITR filing may incur a penalty of up to Rs 5,000
By MYBRANDBOOK
As of July 26, more than five crore income tax returns (ITRs) have been filed, said the Income Tax Department. Many taxpayers are facing issues with the tax filing portal, putting them at risk of missing the crucial July 31 deadline.
It is unlikely that the tax department will extend the deadline.
Missing the July 31 deadline for filing an ITR can result in significant consequences for taxpayers. They will face penalties.
Under Section 234F of the Income Tax Act, 1961, filing a belated ITR incurs a penalty of up to Rs 5,000.
The penalty for taxpayers with a taxable income of Rs 5 lakh or less is capped at Rs 1,000. This penalty applies even if the belated ITR indicates zero tax payable.
To submit a belated ITR, an individual must include the challan information for the late filing fee in the form.
As per the income tax laws, taxpayers must file an ITR even though their income is less than the basic exemption limit if they meet any of the following criteria:
Spent Rs 2 lakh or more on travel abroad for themselves or others.
Paid Rs 1 lakh or more on electricity bills during the financial year.
Deposited Rs 1 crore or more in current accounts.
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