WebMar 4, 2024 · The penalty for late filing of income tax returns in India depends on the duration of the delay. If you file your returns after the due date but before December 31st of the assessment year, the penalty will be Rs. 5,000. However, if you file your returns after December 31st of the assessment year, the penalty will be Rs. 10,000. Web1 day ago · The income tax department has now changed the option of selecting AY. For the payment of late fees of Rs 1,000, now you will have to select AY 24-25 and the type of …

Penalty for Late Filing of Income Tax Return(ITR) 5paisa

WebTo avoid penalties and late fees, filing and paying income taxes on time is essential. To avoid penalties and fees, you can submit for an extension, pay anticipated taxes, use … WebJul 28, 2024 · The last date for filing a TDS return for the first quarter of FY 2024-23 is July 31, 2024. If this deadline is my, then there are penal consequences. These include a late fee of Rs 200, charged every day and ampere penalty amount of up to Rs 1 lakh. Do note that equally incorrect TDS returns able attractive penalties of up to Rs 1 lakh. jared simms gallivan white and boyd

Reduced Penalty for late filing of Income Tax E-startupIndia

WebAug 1, 2024 · First, the major consequence of late filing is a penalty. There would be a penalty for the late filing of income tax returns. “Penalty would be Rs 5000 if total income is more than Rs 5 lakh and ... WebJan 13, 2024 · Penalty for Late Filing of Income Tax Return for Individual If the ITR is filed after December 2024 but before March 2024, the late fee of up to Rs.5,000 can be … WebMar 21, 2024 · In India, the transfer pricing law is codified under the Income Tax Act 1961. Under law, non-compliance with transfer pricing regulations can result in heavy penalties. ... Section 270 A (7) provides for a penalty of 50% of the amount of tax payable on the underreported income. Further Section 270A (8) provides that under reported income ... jared simon chiropractor