On the other hand, if taxpayers default in paying tax or disclosing information, then many penalties are also prescribed under the Income Tax Act. Penalty is a penalty imposed on the taxpayer for non-compliance.

income tax return

Every year a date is fixed by the government for filing income tax return. On the other hand, if a taxpayer is not able to file tax till this due date, then he can also be fined. As per the changed rules notified under Section 234F of the Income Tax Act, you may have to pay a maximum penalty of Rs 5,000 for filing your ITR after the deadline.

For ITR FY 2022-23 if you file your ITR before 31 July 2023 (Individual ITR), then no penalty will be imposed. For filing returns after July 31, 2023, the penalty limit will be increased to Rs 5,000. However, as a relief to small taxpayers, the Income Tax Department has said that if your total income does not exceed Rs 5 lakh, then the maximum penalty that can be imposed for delay will be only Rs 1,000.

Income tax

On the other hand, if someone files income tax return till December 31, 2023, then a fine of Rs 5,000 will be imposed as late filing, but after that if someone files income tax return for the financial year 2022-23, then as late filing A fine of Rs 10,000 will be imposed on him. In such a situation, file income tax return on time to avoid the penalty amount.

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If the income tax return is filed after this date, a penalty may also be levied. Even if a person’s income is not taxable, such a person can file an income tax return. There are many benefits of filing income tax returns for such people as well. However, people are facing many difficulties in filing income tax returns.

The Income Tax Department has also taken action. Proactive steps”. Income Tax Department has also tweeted about this. “It has been observed that taxpayers are facing problems in accessing the e-filing portal of Income Tax Department,” the Income Tax Department tweeted. As reported by Infosys they have noticed some irregular movements on the portal, which are actively taking steps to deal with it.

was launched in 2021. Taxpayers and professionals had to face trouble from the very beginning. Infosys was awarded an agreement in 2019 to develop a portal. Infosys paid Rs. 164.5 crore has been paid.

The post Income Tax Big news : Income Tax Department issued a new order to the person filing ITR first appeared on Rightsofemployees.com.