Income Tax Slab: Timely, consistent payment of income tax and filing of returns ensures that the government has money for public welfare at any point of time.
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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