Web26 dec. 2024 · Belated or late filings of ITR have costs & consequences not only in terms of monetary penalty & fine but also by way of denial of various benefits & incentives: Under Section 234F of the Income-tax Act, late fee of Rs 5,000 is applicable. However, small taxpayers with a taxable income not exceeding Rs 5 lakh have to pay only Rs 1,000 as … Web2 aug. 2016 · Penalty for Late Filing of ITR Under section 234F As per section 234F of the Income Tax Act, filing your ITR after the due date can make you liable to pay a maximum penalty of Rs 10,000. Late Fee U/s 234F If ITR filed after the due date but before 31st December: Rs.5000 If ITR filed after 31st December till 31st March: Rs. 10,000/-
Income tax return filing: What is the penalty for late filing of ITR?
WebFor filing the company’s income tax return, the financial statement and its audit should be completed. Due Date of Filing ITR: The due date for filing the Company ITR is 31st October 2024 for the financial year 2024-21. For late filing of the ITR, you will have to pay a penalty of upto Rs 10,000/-. Web28 dec. 2024 · Late filing fees: If you file ITR after the due date, you may be required to pay a late filing fee. The amount of late fee is 5000 u/s 234F and 1000 for the taxpayer … is carnegie mellon a party school
Income Tax I Fined Rs 5,000 for late filing of ITR despite extension ...
Web30 jul. 2024 · If an individual missed the deadline to file an income tax return (ITR), then a late filing fee of up to Rs 5,000 is levied. However, there are certain individuals who can … Web31 jan. 2024 · In this case, as Karan filed his ITR after the due date, 1% of his total tax liability will be added for each month of delay, as interest under Section 234A. So total interest amount = INR 10,550 x 1% per month x 5 months (August, September, October, November, December) = INR 528. So now Karan will have to pay 10,550 (tax) + 528 … Web2 mrt. 2024 · What happens if you miss the ITR filing deadline? Interest: If you file your return after the due date, you will have to pay interest under Section 234A @ 1% per … ruth elton husband