The last date for filing of Income-tax return for the assessment year 2018-2019 is approaching fast and is set for 31st August 2019. The taxpayers should be on an alert if their ITR has not been submitted yet as it may have serious consequences. This due date for ITR filing was extended from 31st July to 31st August and provided a little ounce of extra time for taxpayers to settle their tax records.
Penalty for late filing of Tax
The penalty for late submission of ITR past due date has to be submitted is 5000 rupees for someone having an income more than 5LPA. The penalty could shot up to even 10,000 rupees if they fail to pay before December 31st of the assessment year. But in case of someone having income below 5LPA, then the penalty fee is capped at a maximum amount of 1000 rupees.
Provision for non-filing of Tax
There are also provisions if someone fails to file their ITR under the timeline provided by the Income Tax Department. The seriousness of the matter can be so high that the taxpayer can even end up serving up to seven years of jail time if their ITR dues are above 25 Lakhs.
The prosecution can be avoided by simply filing of the taxes and having a tight record for the same. Also, filing ITR past due date can cut back interest from your Tax refund amount and one had to pay the tax amount with 1% interest for each month until the filling is sealed and done.
How to file ITR online
The process for filing of ITR is very simple and straight forward. Visit incometaxindiaefiling.gov.in and login with your details. Click on “Prepare and Submit ITR Online” and follow the steps that follow. But you can also take help from professionals in the field and contact your guy for helping you out in the process. Click here to file ITR 2018-19.
here are serious repercussions for non-filing of ITR and one may experience some major problems when filing the ITR past due time, its always advisable to pay your taxes as early as possible.