Penalty for not filing Income Tax return TAXCONCEPT

If an assessee who is liable to file the Income Tax return did not file the ITR within the due date then the following sections of the Income Tax Act, 1961 will come into force

Section 234F:-  The assessee needs to pay late fees of Rs. 5000/- if the return is filed within 31st December of the assessment year, or  Rs. 10,000 for other cases, however, if his/her  total income is less than 5 lakhs the total late fees will be Rs, 1000

Section 234A:-  The assesee shall also pay interest which shall be 1% per month or part of the month from the due date of return filing to the actual date of ITR filing.

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