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Last day, penalties will have to be paid if IT returns are not filed today

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31 Aug : News Express 24 :-

Today is the last day (August 31st) to pay income tax return (IT returns). Earlier, the last date for filing IT return was July 31. However, the Central Board of Direct Taxes (CBDT) will increase it by one month to 31st August. There can be a major penalty if the income tax is not filled in time. Although it was late to file IT returns, there was no provision for penalties. But the government has started this new rule since this year. So those who have not yet filled IT returns. They have the ultimate opportunity today.

In the Income Tax Act, the government has made provisions of the new Section 234 F. According to this section, after filing of IT returns after the last day, a fine of Rs 10,000 will be payable. If the IT returns are filed after 31 August 2018 and 31 December, then Rs 5,000 will be charged and Rs 10000 penalty is required to be filed after January 1. If the income of the taxpayer is less than Rs. 5 lakhs then the fine will be Rs. 1000.

Meanwhile, according to the data released by Income Tax Department, IT returns have increased by 40% in e-filing. As of August 26, the figures for the financial year ending March 31 have been more than 4.37 crore. In the financial year 2017-18, 3.10 crore returns were filed.

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