Pay penalty up to Rs 10,000 for filing return late this year

New Delhi: Income tax department may slap penalty up to Rs 10,000 if you fail to file your income tax returns by the given deadline. The rule applies on the Assessment year 2018-19.

The rule was announced in the Budget 2017-18. As per the announcement, earning less than Rs 5 lakh per annum may invite penalty up to Rs 1,000.

Those with annual income of more than Rs 5 lakh, if file return later than the Assessment year deadline of July 31, but earlier than December 31, may be slapped a penalty of Rs 5,000. Id income tax returns would be filed later than December 31, will have to pay up penalty up to Rs 10,000.  

Individuals having taxable income up to Rs 5 lakh can just fill up a simple one-page form for filing their tax returns.