What Is the Penalty for Filing the Income Tax Return Late?
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What can be the situation if you make a delay in income tax refund? This thought has come to your mind that how to file a late tax return online?
The government gave citizens four months 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. It would be best to consider that filing an income tax return takes only a couple of minutes. Your obligation towards the contribution to the nation’s economy 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 how to file a late tax return online, you must go through the following points and clear your doubts.
The Due Date Of Filing Income Tax Return
For the Year 2018-19, the due payment date of filing the return was 31 August 2018. Many people believe that if the tax were paid, then there would be no obligation from the ITR. However, if you miss the Income-tax return filing date will be taken into a legal consequence.
Filing your taxes on time is the best way to avoid paying a failure-to-file penalty. The IRS has recently lowered the amount of penalties for late filing and payment. The penalty for failing to file is now capped at 25 percent, and the penalty for late payments is capped at 0.5% of your total tax debt. However, you can still qualify for one-time penalty relief if you’ve filed your tax return on time in the past.
You’ll also be penalized if you don’t file your income tax return by the due date. Late filing can lead to a number of penalties, which can be as much as 25 percent of the unpaid tax. If you file your income tax return within three years of the due date, you won’t be penalized. If you file it more than 60 days after the deadline, you’ll pay a $50 late filing penalty. This applies even if you don’t file an extension, but it’s important to note that if you do file a late return, you may be penalized for the unpaid tax amount.
Fees For The Late Filing Income Tax Return
The effective penalty of the financial year of 2017-2018 the late filing fee has the application for filing the income tax returns after the date of the deadline, i.e., 31 August 2018. The maximum fees for the penalty can be charged Rs. 10,000. If you have done the filing after the deadline of 31 August 2018, but if you have paid the tax before 31 December 2018, the fess of the penalty of 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 Rs 10000. There is a great relief for the people who pay less tax. The Income-tax department has been stated that if any people have an income less than 5 lakhs then the maximum penalty can be done to the Rs 1000.
Benefits Of Filing ITR On Time
Filing your ITR on time makes you 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 returns online to with your DSC. There are many advantages to claiming your tax refund when you file your income taxes on time. For one, you will receive a notification if you are approved for a refund. The information will be updated two times a week, on Tuesday and Friday. You can also request that all future communications be sent to your email address. You can create an account for this purpose before filing your next income tax return.
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. Filing your taxes on time is the best way to avoid paying a failure-to-file penalty. The IRS has recently lowered the amount of penalties for late filing and payment. The penalty for failing to file is now capped at 25 percent, and the penalty for late payments is capped at 0.5% of your total tax debt. However, you can still qualify for one-time penalty relief if you’ve filed your tax return on time in the past.
What If You Miss The Due Date?
The income taxpayers should pay their taxes and file their returns on the date or before the due date. In case if any taxpayers miss the due date for filing his or her return, then they can file the belated return.
Conclusion
You have the duty of paying the Income Tax on time and fulfilling your responsibilities as a good citizen. You must consider that if you do not file your return on time. Then you 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.
