ITR Filing: If people’s income is more than Rs 5 lakh annually, then they will have to pay a fine as late fee. If such people file income tax return with late fee after 31 July 2023 but before 31 December 2023, then they will have to pay a fine of Rs 5000.
Income Tax Return: People whose income is taxable in the country, they must file income tax return. There is also a due date for filing income tax return. People had to disclose their earnings made in the financial year 2022-23 by 31 July 2023 and file income tax returns. Crores of people of the country filed income tax returns by 31 July 2023. However, there are many people who have not filed ITR till this due date. In such a situation, those people can also be fined.
Income tax return
According to the information given on the website of the Income Tax Department, if the income of the people is more than Rs 5 lakh per annum, then they will have to pay a fine in the form of late fees. If such people file income tax return with late fee after 31 July 2023 but before 31 December 2023, then they will have to pay a fine of Rs 5000. In such a situation, people have to take care of this.
Fine Amount
Late filing attracts a penalty of Rs 5,000 for individuals with a total income of more than Rs 5 lakh. And for those whose taxable income is less than Rs 5 lakh, the fine is Rs 1000. On the other hand, if ITR is filed after December 31, 2023, then the amount of penalty may also increase.
Rs 10,000 fine
If a person files ITR after December 31, 2023, then he will have to pay a fine of Rs 10,000. Failure to file the return by the due date, if tax is due, will attract an additional interest of 1% per month till the return is filed. At the same time, 25% additional tax will have to be paid for the updated return filed till 31 March 2024 and after that 50% additional tax will have to be paid till 31 December 2024.
