The deadline for filing income tax returns for most taxpayers is going to end. Many taxpayers may be fined after 15 September. After the delay in issuing the ITR form and faced ‘difficulties’ due to technical problems, people in India were given an additional 1.5 months to file returns without any fine. The Finance Ministry has also received new requests demanding additional expansion from several tax bodies. Let us also tell you that if someone files ITR after September 15, then how much penalty can he be imposed on?
How much will be fined
Currently, there is no expansion in the deadline. Most returns are to be submitted by 15 September. The returns submitted after this deadline will be considered as ‘billets’ and will be fined and interest under Section 234F of the Income Tax Act. Individuals with taxable income up to Rs 5 lakh will have to pay a fine of up to Rs 1,000, while those with more taxable income will have to pay a fine of Rs 5,000. This penalty will be applicable even when there is no tax arrears while filing. According to the current guidelines, interest will also be charged at the rate of 1 percent per month on any outstanding tax. It is levied on the net amount of tax, which is payable and still remains, when the person pays the outstanding tax while filing his return.
What is the official deadline?
The last date for filing income tax returns has been extended from July 31 to September 15 to make the compliance easier for most taxpayers. According to the tax calendar shared on the income tax website, all salary people, pensioners and other institutions will have to submit their details to this deadline to avoid penalty.
Who will have to file tax returns now?
People and institutions who do not require audit of accounts, they will have to file their income tax return by September 15. This includes people whose total income is higher than the original exemption limit – including salary people and professionals up to Rs 50 lakh, who do not fall under audit requirements. This will also apply to taxpayers that meet some specific criteria, such as spending 2 lakh rupees or more on foreign travel or paying more than 1 lakh rupees for electricity bills, depositing 1 crore rupees or more in current accounts, or commercial income of more than 10 lakh rupees. Individuals whose TDS or TCS is more than Rs 25,000 (Rs 50,000 for senior cities), and residents with foreign property are also facing the deadline of September 15 to the taxpayers or beneficiaries of foreign property.