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