New Delhi: The due date of filing all Income Tax Return (ITR) for FY 2023-24 is July 31. Taxpayers are required to submit the returns for the said FY before the end of the deadline, however if somehow they miss the deadline, they can still do so by paying penalty. Filing ITR can be done both online and offline.
Late Filing Of ITR
You will have to pay a penalty of Rs 1,000 as late fee charges, if your salary is below Rs five lakh per annum while for annual income over Rs 5 lakh, the penalty is Rs 5,000.
Penalty For Under-reporting and misreporting of income
Under Section 270A of the Income Tax Act, there is a structured penalty framework for under-reporting and misreporting income with penalty ranging from 50 percent to 200 percent.
The amount of penalty shall be a sum equal to 50 percent of the amount of tax payable on under reported income. if However, if under-reported income is in consequence of any misreporting thereof by any person, the penalty shall be equal to 200% of the amount of tax payable on under-reported income.
Penalty For Incorrect PAN Number
Failure to comply with provisions relating to PAN or if you have provided incorrect PAN details, there will be a penalty of Rs 10,000.
Default in intimating Aadhaar Number
Maximum penalty of Rs 1,000 will be levied.
