The deadline for filing income tax returns is about to end for most taxpayers. Many taxpayers may face a penalty after September 15. After facing ‘difficulties’ due to several delays in the release of ITR forms and technical problems, people in India were given an additional 1.5 months to file returns without any penalty.
The Finance Ministry has also received new requests from several tax bodies seeking additional extension. Let us also tell you how much penalty can be imposed on someone if he files ITR after September 15?
How much will the fine be
There is currently no extension in the deadline. Most returns are due by September 15. Returns filed after this deadline will be treated as ‘belated’ and will attract a penalty and interest under section 234F of the Income Tax Act. Individuals with taxable income up to Rs 5 lakh will have to pay a penalty of up to Rs 1,000, while those with taxable income above this will have to pay a penalty of Rs 5,000. These penalties will apply even if there is no tax due at the time of filing. As per the current guidelines, any outstanding tax will also attract interest at the rate of 1 per cent per month. This is levied on the net amount of tax that is due and remains even if the individual pays the outstanding tax at the time of filing his return.
What is the official deadline?
To make compliance easier for most taxpayers, the last date for filing income tax returns has been extended from July 31 to September 15. According to the tax calendar shared on the income tax website, all salaried individuals, pensioners and other entities must submit their details by this deadline to avoid penalties.
Who needs to file tax returns now?
Individuals and entities whose accounts are not required to be audited must file their income tax returns by September 15. This includes those whose total income exceeds the basic exemption limit – including salaried individuals and professionals earning up to Rs 50 lakh, who do not fall under audit requirements.
This will also apply to taxpayers who meet certain specific criteria, such as spending Rs 2 lakh or more on foreign travel or paying more than Rs 1 lakh towards electricity bills, having Rs 1 crore or more in current accounts, or having business income of more than Rs 10 lakh. Individuals whose TDS or TCS exceeds Rs 25,000 (Rs 50,000 for senior citizens), and resident taxpayers with foreign assets or beneficiaries of foreign assets are also facing a September 15 deadline.
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