Avoid Heavy Penalty: Ensure Timely Filing of Tax Return

Avoid Heavy Penalty: Ensure Timely Filing of Tax Return

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Created By Admin Last Updated Tue, 06-Oct-2020

As we all are aware that, due to COVID-19 many due dates have been extended by our respected Government. Because of so many extensions of due dates there might be a possibility that you might missed out on due date of filing of Income Tax Return. Hence this article is kind of reminder for all the readers.

The revised due date for filing Income Tax Return is 30th November, 2020.

If a person fails to furnish return before due date, the assessing officer may levy a penalty u/s 234F as follows:

Date of Filing

Fees Leviable

If the return is furnished after the due date of filing but on or before the 31st day of December.

Five thousand rupees

In any other case

 Ten thousand rupees

Note: If the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

This penalty is mandatory and you cannot get any concession in paying this penalty if you failed to file your return in time. Hence Now geared up yourself and start collating requisite data to file your return in due time to avoid this huge penalty.