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Late Filing Penalty for IT returns

Posted: Thu Jun 14, 2018 8:04 pm
by greyfri
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

Posted: Fri Jun 22, 2018 5:41 am
by Raj_India
@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.