The deadline for delayed filing of Income Tax returns/payment nearing!
Posted on: 16/Dec/2019 12:54:27 PM
The Income Tax Payers who have failed to file their Income Tax returns so far, especially in order to avoid paying large penalties due to delay, are advised to file their already delayed Income Tax Returns before 31st December.
When Income Tax Filing was done in the year 2017, it had been announced that penalty will be imposed on those who failed to file their Income Tax returns before the stipulated deadline. This penalty system for late Income Tax file returns was imposed from the Financial Year 2017.
As for the financial year 2018, the extended deadline for filing Income Tax returns concluded on 31st August.
For the Income Taxpayers who failed to file their Income Tax returns before the deadline, the alternative is available - they may file their IT returns on the related return’ mode. If they file their Income Tax returns before 31st December, the penalty will be Rs. 5000.
If failed to file the IT Returns even by 31st December, then a penalty of Rs. 10000 will have to be paid.
However, in case the Income Tax payer’s total annual income is below the taxable limits, the above penalty will not be applicable. The maximum total annual income, in this case, should not be Rs. 2.5 Lakhs.
