What Happens When You Don’t File Tax Returns on Time?

News, Taxation

The last day to file your income tax returns (ITR) for the financial year 2017-18 (assessment year 2018-19) is July 31, 2018. The new income tax rules state that one is liable to pay a Rs 10,000 penalty if one fails to file returns within the deadline.
If you file the ITR after 31 July but on or before 31 December, the penalty to be paid would be Rs 5,000. After 31 December calls for a penalty of Rs 10,000. For taxpayers whose income does not exceed Rs 5 lakh per annum, a delay in ITR filing would attract a penalty of Rs 1,000.

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