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What is the penalty for late filing of income tax returns?
What is the penalty for late filing of income tax returns?
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Practice Questions
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Q1
What is the penalty for late filing of income tax returns?
Rs. 1,000
Rs. 5,000
Rs. 10,000
No penalty
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The penalty for late filing of income tax returns can be up to Rs. 10,000.
Questions & Step-by-step Solutions
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Q
Q: What is the penalty for late filing of income tax returns?
Solution:
The penalty for late filing of income tax returns can be up to Rs. 10,000.
Steps: 3
Show Steps
Step 1: Understand that if you do not file your income tax return on time, you may have to pay a penalty.
Step 2: The penalty for late filing can be as much as Rs. 10,000.
Step 3: This means if you file your return after the deadline, you could be charged this amount.
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