Online Income Tax Return Of Directors/Partners Starts at Rs. 897.00 / - Per Year Order Now
Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
Late Filing between 1st August and 31st December - Rs.5000
Late Filing After 31st December - Rs.10,000
Penalty if taxable income is less than Rs.5 lakhs - Rs.1000
The due date for income tax return filing is 31st July of every year for individual taxpayers.
The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September.
Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.
Yes, even if you don’t have any tax liability, you need to file the income tax return. You have to give the description of your total income, including salary, wage, commission, business or income from any other source.
Do I need to file my Tax Returns even though my Employer has already Deducted Tax at Source (TDS)?
This is a misconception that, if my employer has deducted TDS from my annual salary, I need not to file the return of my income. You have to file an ITR in this case and must mention your total Income.