1 / 2

Penalty for Late Filing for ITR

Alankit Limited, with its headquarters in Delhi, is a premier integrated service provider known for its innovative solutions in Finance, e-Governance, Insurance and Healthcare verticals. The company is a registered e-return intermediary offering reliable and professional ITR filing services.

alankit
Download Presentation

Penalty for Late Filing for ITR

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Penalty for Late Filing for ITR The government of India have stated strict guidelines for all the taxpayers in the country failing which they are levied upon with penalties. It gives the taxpayers a window of 4 months to consolidate their income details and file their income tax returns for the previous year. The four months are from 1st April to 31st July. Aside from paying taxes on time, one must also file the returns also by the given due dates to avoid penalty or consequences. The various things one must surely be diligent about to avoid any kind of penalty are: •The due date for filing ITR: For every assessment year, the due date for return filing is stated by the government, failing which they need to bear legal consequences. Effective from 2017-18, a late filing fee is levied for filing returns after the due date. •Late Filing: Effective from the financial year 2017-18, a maximum penalty is levied on the late taxpayers. This depends on the pay parity of individuals and the details of which can be found online. •Documentation: While filing the ITR, one must be ready with all the required documents and submit them to avoid any kind of incompletion or non-adherence.

  2. Consequences of nor filing the ITR by the due date are: Apart from the penalty levied by the IT department, there are other consequences that a taxpayer may face for late filing of returns. •Unable to set off loses •Interest on the delay of filing return •Delayed Refunds Though all the required details are available online on the website of the income tax department, one can eliminate the struggle of filing ITR online by taking a professional e-return intermediary’s help. Alankit Limited, with its headquarters in Delhi, is a premier integrated service provider known for its innovative solutions in Finance, e-Governance, Insurance and Healthcare verticals. The company is a registered e-return intermediary offering reliable and professional ITR filing services. It offers professional services for e-filing income tax returns across India. Alankit and its team of professionals and experts help the clients with the ITR e-filing in the most hassle-free manner.

More Related