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Thursday 29 July 2021
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Steep Penalty Likely for Delay in Filing I-T Returns

Non-filers of income tax returns will now face a steep fine. The government has proposed an amendment to the provisions in the income tax dealing with filing of returns seeking to impose a fine on non-filers. For people having income below Rs.5 lakh, filing return after July will attract a fine of Rs.1,000 and those with income above that would face a fine of Rs.5,000.
This fine will be raised to Rs.10,000 if the return is filed after December.

At present there is no fine if the return is filed with a delay within the assessment year, but a penalty of Rs.5,000 could be imposed if it was after it. But the income department did not aggressively pursue this.

Tax experts say the department now wants to focus on increasing compliance with growing emphasis on data analytics.

 




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