What Is the Penalty for Filing the Income Tax Return Late?
What can be the situation if you file your return after the due date? This thought has definitely come to your mind that how to file late tax return online?
The government gave citizens four months period to get the plan for their investments and return and file the income tax returns in every year of financial– from 1 April to 31 July. You must consider that filing an income tax return takes only a couple of minutes. Your obligation towards the contribution to the economy of the nation does not end only by paying the taxes. You must file the returns within the due date or the consequences of the face. If you doubt about how to file late tax return online, then you must go through the following points and the clear your doubts.
The Due Date of Filing Income Tax Return
For the Year 2018-19, the date of the due payment of filing the return was the 31st August 2018. Many people believe that if the tax were paid then there will be no obligation from the ITR. However, if you miss the Income tax return filing date will be taken into the legal consequence.
Fees for The Late Filing Income Tax Return
The effective penalty of the financial year of the 2017-2018 the late filing fee has the application for filing the income tax returns after the date of the deadline, i.e., 31st August 2018. The maximum fees for the penalty can be charged are Rs. 10,000. If you have done the filing after the deadline 31st August 2018 but if you have paid the tax before the 31st December 2018, the fess of the penalty of the Rs 5000 will be charged. For the income tax return which has been filed after the date of December, then the fees of the penalty will be charged to the Rs 10000. There is the great relief for the people who pay the less tax the Income-tax department has been stated that if any people have the income less than the 5 lakhs then the maximum penalty can be done to the Rs 1000.
Benefits of Filing ITR On Time
Filing your ITR on time to make yourself feel responsible and good for yourself, but the benefits do not end there. Filing your Income tax return on time can benefit you in many ways, and the best way to do late tax return online to with your DSC.
Problems of Not Filing by The Due Date
Apart from this penalty charged by the income tax Department, there are many other consequences that the taxpayer might face for paying the tax return on time.
What If You Miss the Due Date?
The income taxpayers should pay their taxes and file their return on the date or before the due date. In case if any taxpayers miss the due date for filing his or her return then he or she can file the belated return.
You have the duty of paying the Income Tax on time and fulfil your responsibilities as a good citizen. You must consider that if you do not file your return on time then you just need to give a good amount of money which you will be not like to give if you earn your money in a good manner. If you have any doubts regarding late tax return online, then you can go through the above points.