The saying “ Better late than never” while can be applied to many situations in life, it becomes tricky when filing or not filing your income tax returns(ITR). This guide guide covers revisions made for the penalties for late filing of your ITR, which can cause a heavy dent in your wallet.
As per section 234F if an individual who is required to file his/her Income Tax Return (ITR), as per the provisions, fails to do so they can face late fees/penalties. The late fees/penalties for filing of your ITR for individuals earning more than Rs 5,00,000 per annum are as follows:
If your income is below Rs 5,00,000 then the fees/penalty levied will be Rs. 1000.
If you belong to the below categories, and do not want to be surprised with a notice from the Income Tax Department (ITD), ensure your taxes are filed annually in time:
It is wise to file your ITR annually and avoid penalties, as any appeals made cannot be heard as there are no provisions to consider for reasonable delay in filing of ITR. Therefore, it is better to be on time, than late in this case.
To ensure your taxes are filed correctly and within the due dates, enlist the aid of the tax experts at H&R Block India.