It is without question that the country is a huge family that requirements assets to be run easily and in an unhindered way.
Everybody who leads any kind of monetary activity in India; be it a business, a vocation or a calling; and gains or receives a specific income in return, over as far as possible is liable to an installment of the income tax.
All people whose income relating to earlier year surpasses the base chunk, should document their income tax return according to the section 139(1) of Income Tax Act, 1961.
According to the Income Tax Act 1961, every one of the people who are liable to an installment of income tax must record their Income Tax Return most recent by 31st of July consistently.
It is an old disease in India that regardless of repetitive updates, there are sure tax assessees who turn a deaf ear and neglect to meet the due date for Income Tax Return Filing. They are utilized to record late returns or neglect to document the return of income.
This has happened on the grounds that, before the present arrangement of income tax, penalty on late filing of return was not compulsorily upheld by the Department. Thus, tax assessees used to take the provision of timely filing of return for granted.
Most likely, disregarding the tax consistency due dates have turned into a propensity for some Indian natives. In any case, such rebelliousness will now represent an enormous result for every one of the defaulters.
From the financial year 2017-18 onwards, another section has been presented, i.e. Section 234F of Income Tax Act-1961, wherein the inability to meet ITR filing due date will attract a required penalty of ₹5,000/ – if a late return is documented at the very latest 31st December of the assessment year.
Furthermore, this makes it genuinely basic for the taxpayers to comply with the due date for the Income Tax Return filing, which is 31st July 2018.
Regardless of attracting the penalty of ₹5,000/-, if the procedure of ITR filing on the web is postponed toward the finish of the taxpayer, past 31st of December, the thorough penalty will be reached out to ₹10,000/-.
Along these lines, from this year onwards, a tarrying in satisfying e-filing of Income Tax Returns will truly mean bringing about an enormous whole as fine.
Truly. On the off chance that the aggregate income of the individual doesn’t surpass ₹5 lakhs, the late charge will not surpass past ₹1,000/ – u/s 234F(1.b) of Income Tax Act-1961.