Good News for Income tax payers – The Income Tax department has extended the ITR filing due date by one month to 31st August from existing 31st July. The extension of filling date comes as a relief for all especially to those who are yet to file their income tax returns.
The late fine for ITR filing could attract a penalty of up to ₹ 10,000.
Penalty for filling late Income Tax Returns
- A penalty of ₹ 5,000 will be levied if the return is filed after the due date but before 31 December.
- The penalty will be ₹ 10,000 after 31 December.
- However, if the taxpayer’s income is less than ₹ 5 lakh, the maximum penalty levied is capped at ₹ 1,000 only.