Business & Economics

Govt Doubles Penalty For Missing Income Tax Returns

BP World Bureau | Dec 30 2020 11:31:26 AM
Image credits: pinterest

NEW DELHI: The Government has raised the penalty amount for missing the Income Tax Returns (ITR) deadline, by doubling it to Rs.10,000 from Rs 5,000.

Practise of charging late filing fees became effective for the financial year 2017-18 or assessment year 2018-19 onward under section 234F was introduced in the Budget of 2017.

Also, this year the Central Board of Direct Taxes (CBDT) has extended the deadline to file the income tax return (ITR) for the financial year 2019-20 to December 31, due to the COVID-19 pandemic and economic repercussions. 

People below 60 years of age who are earning Rs 250,000 or more annually are mandatorily required to file ITRs.

Limit for senior citizens or those between 60 years and 80 years of age is Rs five lakhs. 

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