ITR Filing Late Payment: Late fee will have to be paid in case of delay in filing ITR. The Income Tax Department has reminded the taxpayers by sending a text message or e-mail. As per the rules, a late fee of Rs 1,000 will be applicable for those earning up to Rs 500,000 and a late fee of Rs 5,000 for those with higher income.
The Income Tax Department on Saturday asked income tax payers to avoid paying late fees (What is late fees for ITR filing) for assessment year 2023 by the due date of July 31 as part of an online campaign. Reminded to file your income tax return.
Let us tell you, the Income Tax Department is sending reminders to the income tax payers through text messages and emails to ensure timely filing of ITR.
In its reminder, the Income Tax Department said in a social media post to avoid late fees. File your ITR for AY 2022-23 before 31st July. The department has also said in its message that a late fee of Rs 1,000 or Rs 5,000 will be applicable as per the Income Tax Act (Can income tax return be filed after due date) .
It is worth noting that as per the rules, a late fee of Rs 1,000 for those earning up to Rs 500,000 and a late fee of Rs 5,000 for those with higher income will be applicable. The meaning is clear, the filing of returns should be finished on time. So that the Income Tax Department can complete the process of returns and issue refunds quickly to all eligible taxpayers.
By making the return filing and tax payment convenient without any hassle, the Income Tax Officers are making extra efforts to issue refunds at the earliest.
So far in the current assessment year, more than 28 million income tax returns have been filed, of which more than 12.8 million have been processed.
Increasingly, income tax returns are capturing more data not only about an individual’s assets and income but also about high value expenses. This includes foreign travel expenses and energy consumption in excess of specified monetary limits. This allows the department to see whether assets and spending habits match the reported sources of income.
Revenue Secretary Tarun Bajaj said on Friday last week that as of now, there is no plan to extend the due date. Although the department has given small extensions in the previous years just before the deadline.
