Implications of filing your ITR Late

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Implications of filing your ITR LateImplications of filing your ITR Late
Implications of filing your ITR Late

The last date to file Income Tax Return was 31st July 2018 for the Financial Year 2017-18, now the last date to file Income Tax Return has extended to 31st August 2018. Filing your Income Tax Return is an important process and here are a couple of implications you may face for the late filing of the ITR.

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The Government has extended the last date to file ITR from 31st July 2018 to 31st August 2018 in order to save the taxpayers from paying an extra tax penalty for the late filing of their ITR. There are times when a taxpayer is unable to file their Income Tax Return on time. The major reasons due to which a taxpayer files his/her ITR late are non-availability of relevant documents and information, lack of time, personal exigencies, etc.

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The penalty under section 234F of the Income Tax Act, 1961.

The taxpayers who file their Income Tax Return by 31st August 2018 for the Financial Year 2017-18 are not required to pay any penalty, but in case you don’t file your ITR by 31st August 2018 then you will have to pay a penalty of Rs.5000, this condition will be applicable to you if you file your ITR before 31st December 2018.

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On the other had a taxpayer who files ITR after 31st December 2018 will have to pay a penalty of Rs.10,000. The taxpayers who have an income of up to Rs.5lakh are required to pay a tax penalty of Rs. 1000 for the late filing of Income Tax Return. The Income Tax Return can only be filed by the taxpayer after he/she pays the penalty for the late filing of ITR.

As per the Income Tax Act, there are provisions for levying a penalty for under-reporting of income by any taxpayer. The penalty in such a situation will be a sum equivalent to 50% of the amount of tax payable on the under-reported income.

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