LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Income tax returns filing: Not filing your ITR? You will have to pay this massive penalty

This assessment year on (AY19), the Income Tax department has hiked the penalty for not filing income tax returns within the deadline of July 31, which can go as high as Rs 10,000 - the deadline has been extended by a month now, though.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Income tax returns filing: Not filing your ITR? You will have to pay this massive penalty
Besides the monetary penalty, there are certain other repercussions of non-filing ITR. Image source: Reuters
Written By: ZeeBiz WebTeam
Updated: Fri, Jul 27, 2018
08:18 am
ZeeBiz WebDesk
RELATED NEWS
Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable
Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin
Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money
Income tax returns (ITR) filing: Taxpayers may lose this benefit Income tax returns (ITR) filing: Taxpayers may lose this benefit
Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala

Income tax returns filing: Have you filed your ITR yet? If not, you should know a huge penalty is coming your way, not only in terms of money, but also certain restrictions in tax deductions and exemptions too! 

This assessment year on (AY19), the Income Tax department has hiked the penalty for not filing income tax returns within the deadline of July 31, which can go as high as Rs 10,000 - the deadline has been extended by a month now, though.

"With effect from AY 2018-19, the income tax law provides for levy of late filing fee where the return of income is not filed by the due date.  Such late filing fee is applicable on all taxpayers who are required to file tax returns," said Sanjay Agarwal, Partner at TASS Advisors LLP.

To elaborate, if your taxable income is below Rs 250,000 (the threshold limit below which income is not taxable), then such fee is not applicable as you file your return voluntarily. However, if your taxable income goes above Rs 250,000 and below 500,000, then the late filing fee of Rs 1,000 will be applicable to you.

For all other taxpayers with taxable income above Rs 500,000, the late filing fee is prescribed as 5,000, which shall be enhanced to Rs 10,000 where the return is filed after December 31, 2018.

Besides the monetary penalty, there are certain other repercussions of non-filing ITR within the prescribed deadline.

WATCH ZEE BUSINESS VIDEO HERE

"One of the most important adverse consequences is the denial of carrying forward your losses (other than house property loss) in subsequent years, said Agarwal of TASS Advisors. In addition, tax payers cannot avail some of section 80 prescribed deductions if ITR if not filed within the prescribed deadline, he added. 

NOTE: The income tax returns filing deadline has been extended by one month. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax Returns (ITR) filing
RELATED NEWS
Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable
Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin
Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money
Income tax returns (ITR) filing: Taxpayers may lose this benefit Income tax returns (ITR) filing: Taxpayers may lose this benefit
Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala

LATEST NEWS

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

Facebook removes 1,521 malicious accounts in Feb

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

COVID-19: India records 18,711 new cases

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

US continues to see drop in new Covid cases

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

Andhra Pradesh trade body to promote IP rights, registration for MSMEs

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved