What is the penalty for late filing of income tax returns in India?

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Question: What is the penalty for late filing of income tax returns in India?

Options:

Correct Answer: Rs. 10,000

Solution:

The penalty for late filing of income tax returns can be up to Rs. 10,000 depending on the delay.

What is the penalty for late filing of income tax returns in India?

What is the penalty for late filing of income tax returns in India?

Step 1: Understand that in India, if you file your income tax return late, there can be a penalty.
Step 2: Know that the penalty amount can vary based on how late you are in filing your return.
Step 3: If you file your return after the due date but before December 31 of the assessment year, the penalty can be up to Rs. 5,000.
Step 4: If you file your return after December 31 but before March 31 of the assessment year, the penalty can be up to Rs. 10,000.
Step 5: If your total income is less than Rs. 5 lakh, the penalty will be reduced to Rs. 1,000, regardless of when you file.

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