‘File I-T returns on time or pay fine’
COIMBATORE, JULY 19, 2018 00:00 IST
Office of the Chief Commissioner of Income Tax - Coimbatore has urged the Income Tax assessees to pay their I-T returns on or before July 31, 2018, failing which they will have to pay penalty.
In a release issued here, the Income Tax department has said that a section 234 F has been brought in the Finance Act which calls for payment of penalty for delayed filing of I-T returns.
Those with income less than Rs. 5 lakh and filing returns between August 1, 2018 to March 31, 2019 will have to pay a penalty of Rs. 1,000 and those whose income exceeds Rs. 5 lakh and filing returns between August 1, 2018 and December 31, 2018 will have to pay a fine of Rs. 5,000 and those filing the returns between January 1, 2019 to March 31, 2019 will have to pay a fine of Rs. 10,000.
Mandatory
Late filing fee is mandatory and thus automatic. The same has to be paid before filing a belated return.
COIMBATORE, JULY 19, 2018 00:00 IST
Office of the Chief Commissioner of Income Tax - Coimbatore has urged the Income Tax assessees to pay their I-T returns on or before July 31, 2018, failing which they will have to pay penalty.
In a release issued here, the Income Tax department has said that a section 234 F has been brought in the Finance Act which calls for payment of penalty for delayed filing of I-T returns.
Those with income less than Rs. 5 lakh and filing returns between August 1, 2018 to March 31, 2019 will have to pay a penalty of Rs. 1,000 and those whose income exceeds Rs. 5 lakh and filing returns between August 1, 2018 and December 31, 2018 will have to pay a fine of Rs. 5,000 and those filing the returns between January 1, 2019 to March 31, 2019 will have to pay a fine of Rs. 10,000.
Mandatory
Late filing fee is mandatory and thus automatic. The same has to be paid before filing a belated return.
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