Income Tax Filing Penalty For Late Filing Income Tax Return Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

• Late Filing between 1st August and 31st December - Rs.5,000
• Late Filing After 31st December - Rs.10,000
• Penalty if taxable income is less than Rs.5 lakhs - Rs.1,000

Income Tax Return Due Date

The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act

Business - In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.

Profession - In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.

Income Tax Filing Penalty For Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

• Late Filing between 1st August and 31st December - Rs.5,000
• Late Filing After 31st December - Rs.10,000
• Penalty if taxable income is less than Rs.5 lakhs - Rs.1,000

Income Tax Return Due Date = The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.