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ITR Penalty News

04 Sep 2024

What Happens If ITR Is Not e-Verified Online? Check How To Complete Process

ITR e-Verification Penalty: It is important to remember that without e-verification, your ITR is not considered valid by the Income Tax Department.

28 Jul 2024

ITR Penalty Alert: What Happens If You Miss July 31 ITR Deadline?

Individual taxpayers not requiring audits must file ITRs for FY 2023-24 by July 31, 2024, to avoid penalties. Belated returns can be filed by December 31, 2024.

Income Tax returns

01 Jan 2022

Missed ITR filing deadline? Check what happens if you don’t submit returns

Over 5.78 crore taxpayers had filed the ITR for the financial year 2020-21 till 7 pm on December 31. 5.95 crore ITRs were filed for AY 2020-21. If somehow you miss the deadline, you can still do but by paying a penalty.

29 Dec 2021

Haven’t filed ITR yet? Get ready to pay penalties for missing Dec 31 deadline

A maximum penalty of Rs 10,000 was levied till last year. The penalty is capped at up to Rs 5000 for FY21. Small taxpayers will have to pay a maximum penalty of up to Rs 1000.

17 Sep 2021

Delaying ITR filing? Know penalties to pay for missing the deadline

With ample time in hand, taxpayers shouldn’t face any difficulties in paying ITR on time. Of course, barring glitches in the ITR filing portal. However, even if a taxpayer missed the deadline for filing ITR, then he or she should be ready to pay several penalties. Taxpayers will have to pay a Rs 5000 fine as a late fee for filing ITR anytime later than December 31, 2021.

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