The last date of filing ITR was 31st July whereas it was extended till 31st August 2019.The last date is approaching as only 3 days left hence hurry to file ITR as to avoid last minute rush and any penalty due ITR filed after last date i.e 31/08/2019.
On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department.
Penalty due late payment is as under: -
Rs 5,000 if the tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2019).
Rs 10,000 if the tax return is filed after December 31 but before the end of the relevant assessment year, i.e., before March 31 (in this case between 1 January 2020 and March 31, 2029).
If you are a small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000.
-pramodara
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