From what I understand, there is a late filing penalty for IT returns now even if there is no tax due. 1000 if income < 5 L, 10K if income > 5L.
Does this penalty also hold for NRIs ?
I typically file online when I visit India to get TDS refunds, but I wouldn't be in India for a few months more at least. Filing from the US is a little complicated logistically for me, especially if mobile verification is needed.
Late Filing Penalty for IT returns
Late Filing Penalty for IT returns
@greyfri - @Desi would know better for sure but from what I have read, the penalty is not WRT amount of income. It is related to 2 dates -
1) 5000 INR - if tax filed AFTER 31-Jul but before 31-Dec
2) 10000 INR - if tax filed AFTER 31-Dec but before 31-Mar
I don't know if post 31-Mar, one can still file late return without going through the income tax process. Hope this helps.
1) 5000 INR - if tax filed AFTER 31-Jul but before 31-Dec
2) 10000 INR - if tax filed AFTER 31-Dec but before 31-Mar
I don't know if post 31-Mar, one can still file late return without going through the income tax process. Hope this helps.