What would be the late fees for the delay in filing return?
What would be the late fees for the delay in filing return?
Jeeba Jun. 15, 2018
When the income tax return is not filed on or before the due date, the taxpayer would be required to pay interest at 1% for every month or part of a month.
Further, A penalty of Rs.5000 will be applicable for returns filed after the due date of 31st July but before 31st December of the relevant assessment year. And then a penalty of 10000 shall be applicable.
When a taxpayer has a taxable income of upto Rs.500,000, a reduced penalty of Rs.1000 will be applicable.
