Income tax return penalties: What defaulters have to pay - 10 points
There are number of penalties on various cases of Income Tax defaults. Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. Here, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act.
1. Penalty for default in making payment of Self Assessment Tax
2. Penalty for default in making payment of Tax
3. Late filing fees for delay in filing the TDS/TCS statement
4. Fee for default in furnishing return of income
If assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to pay fee of Rs. 5000 if return is furnished on or before 31 December of assessment year and Rs. 10,000 in any other case. However, if total income of the person does not exceed Rs. 5 lakh then fee payable shall be Rs. 1000. (PTI)