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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?
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Practice Questions
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Q1
What is the penalty for late filing of income tax returns in India?
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 depending on the delay.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the penalty for late filing of income tax returns in India?
Solution:
The penalty for late filing of income tax returns can be up to Rs. 10,000 depending on the delay.
Steps: 5
Show Steps
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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