I-T dept issues advisory on filing returns
TIMES NEWS NETWORK
Chennai:15.07.2018
The income tax department has advised all salary assessees to file their income returns for the year 2017-18 on or before July 31. In a statement, the department warned of a fine if the assessee fails to file their returns.
“With insertion of new section 234F in Income Tax Act, taxpayers are required to pay a fee of ₹1,000 in case total income does not exceed ₹5 lakh and return is filed after July 31 and before March 31, 2019,” the state ment said.
“Similarly ₹5,000 will have to be paid if the income exceeds ₹5 lakh and return is filed after July 31 but within December 31 and ₹10,000 if the income exceeds ₹5 lakh and return is filed after December 31 but before March 31, 2019,” the statement said.
TIMES NEWS NETWORK
Chennai:15.07.2018
The income tax department has advised all salary assessees to file their income returns for the year 2017-18 on or before July 31. In a statement, the department warned of a fine if the assessee fails to file their returns.
“With insertion of new section 234F in Income Tax Act, taxpayers are required to pay a fee of ₹1,000 in case total income does not exceed ₹5 lakh and return is filed after July 31 and before March 31, 2019,” the state ment said.
“Similarly ₹5,000 will have to be paid if the income exceeds ₹5 lakh and return is filed after July 31 but within December 31 and ₹10,000 if the income exceeds ₹5 lakh and return is filed after December 31 but before March 31, 2019,” the statement said.
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