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News From Press Three reasons to file income tax returns on time

Three reasons to file income tax returns on time

Source: Mint May 25, 2018

Higher penalty

The last date to file your income-tax returns (ITR) is usually 31 July, unless it is extended by the income tax department. From the assessment year 2018-19, if you don’t pay your tax on or before the deadline, you will have to pay a penalty of up to Rs10,000 for late payment. If you file returns after 31 July and on or before 31 December, you will have to pay Rs5,000 as penalty. However, if you file returns after 31 December, you will have to pay a fine of Rs10,000. This penalty is applicable for those who have a taxable income of more than ₹5 lakh. If your taxable income is up to ₹5 lakh and you have delayed your ITR, you will have to pay ₹1,000 penalty.

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