The government has money available for public welfare at all times thanks to timely, regular income tax collection and return submission. On the other side, the Income Tax Act also specifies a number of penalties for taxpayers who fail to pay their taxes on time or disclose information. A penalty is a fine levied against the taxpayer for failing to comply.
Income tax return
The government sets a deadline each year for filing tax returns. On the other hand, a taxpayer may also be punished if they are unable to file their taxes by the deadline. You may be required to pay a maximum penalty of Rs 5,000 under the revised guidelines announced under Section 234F of the Income Tax Act for submitting.
For ITR
If you submit your ITR for FY 2022–23 before July 31, 2023 (Individual ITR), there won’t be any penalties. The maximum penalty will rise to Rs 5,000 for returns filed after July 31, 2023. To the relief of small taxpayers, the Income Tax Department has stated that the maximum penalty that may be imposed for delay would only be Rs 1,000 if your total income does not exceed Rs 5 lakh.
Income tax
However, if an individual file an ITR after December 31, 2023, a fine of Rs. 5,000 will be assessed as late filing. After that, if an individual files an ITR for the fiscal year 2022–2023, a fine of Rs. He will be required to pay a fine of Rs 10,000. To avoid paying a penalty in this circumstance, file your ITR on time.
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