{"id":26966,"date":"2019-11-28T15:57:27","date_gmt":"2019-11-28T10:27:27","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=26966"},"modified":"2019-11-28T19:06:11","modified_gmt":"2019-11-28T13:36:11","slug":"penalty-charged-on-late-itr-filing","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/penalty-charged-on-late-itr-filing\/","title":{"rendered":"Consequences of Late ITR Filing"},"content":{"rendered":"

The government gives 4 months to its citizens to file their Income Tax Returns every Assessment Year. ITR filing is an easy and online process, so the time given by the government to its taxpayers is more than enough. The last date to file your ITR for the FY 2018-19 was 31st<\/sup> August 2019. A penalty will be charged on those who were not able to file their ITR before the due date. Apart from the penalty, there are other consequences and inconveniences attached to the delay in filing of Income Tax Returns<\/a>.<\/p>\n\n\n\n

Penalty for Late ITR Filing<\/h2>\n\n\n\n

If you miss the last date of ITR filing, a late filing fee of up to Rs 10,000 can be charged as per the changed rules notified under the section 234F of the Income Tax Act. Amount of penalty charged for low- income taxpayers is different from the amount charged for high –income taxpayers.<\/p>\n\n\n\n

Penalty for\nlow-income taxpayers<\/strong>: For taxpayers whose annual income does not exceed Rs\n5 lakhs, an amount of Rs 1000 is charged as a penalty. This penalty charged is\nirrespective of the date when ITR is filed after the due date.<\/p>\n\n\n\n

Penalty for high-\nincome taxpayers<\/strong>: For taxpayers whose annual income is more than Rs 5 lakhs,\nan amount of Rs. 5000 is charged as a penalty.<\/p>\n\n\n\n

Penalty for\nunder-reporting of income<\/strong>: There are provisions for levying a penalty for\nunder-reporting the income by tax evader. The penalty in such cases is 50 % of\nthe amount of tax payable.<\/p>\n\n\n\n

Jail Term<\/strong>: It is\nan extreme step taken by the assessing officer only when the ITR is not filed\neven after multiple tax notices. The period of the jail term varies from 3\nmonths to 2 years. Authorities take this step in cases where the amount of\nunpaid tax is significantly large and is not paid for a more extended period.<\/p>\n\n\n\n

Every company or a firm and every individual whose annual income\nis more than the exemption limit of relevant FY are liable to pay late ITR\nfiling fees. All these decisions are made as per Sections 139 and 234F of the\nIncome-tax Act, 1961.<\/p>\n\n\n\n

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Income Tax Return Filing<\/h3>\n\t\t\t\t\t\t\t\t\t\t