Penalty for Late Filing Income Tax ReturnVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZV

Taxpayers who do not file theirVincome tax return on time areVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVsubject to penalty and charged anVinterest on the late payment ofVincome tax. Also,VGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVthe penalty for late filing income tax return on time has beenVincreasedVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVrecently. The penalty for late filing income tax return is now as follows:

VGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZV
• Late Filing betweenV1st August and 31st December - Rs.5000
VGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZV
• Late Filing After 31st December - Rs.10,000
VGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZV
• Penalty if taxable income is lessVthanVRs.5 lakhs - Rs.1000
VGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZV

Income Tax Return Due Date

The due date for income tax return filing is 31st July ofVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVevery year for individual taxpayers. The due date for income tax return filing forVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVcompanies and taxpayer requiring tax audit is 30th September. Section 44AD ofVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVthe Income Tax Act deals with tax audit under Income Tax Act.

Business

In case of a business, tax audit would be required ifVtheVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVtotal sales turnover or gross receipts inVthe business exceeds Rs.1 crore inVanyVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVprevious year.

Professional

In case of a profession or professional, tax audit wouldVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVbe required ifVgross receipts inVthe profession exceeds Rs.50 lakhs inVany of theVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVprevious year.

Presumptive Taxation Scheme

If a person is enrolled under the presumptive taxationVGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVscheme under section 44AD​Vand total sales or turnover is more than Rs. 2 crores,VGc9PSIsInZhbHVlIjoiczlNZVlNZVlNZVlNZVthen tax audit wouldVbe required.