How much penalty for late pay income tax?

For returns required to be filed after 01.04.2018 i.e. your return late fee or penalty would be Rs. 10000 if total income exceeds Rs. 5 lakh and if its below 5 lakh Rs. 1000.

Interest on late payment of tax if any would be different.

However now you can only file return for FY 2018-19 voluntarily and not before that.

If you need any assistance feel free to contact me.

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Thank you.

As per income tax Act, you can file the return of only 2019. Others have become time barred and thus can not be filled 

Hello,

Currently, you would be able to file the return for F.Y. 2018-19. The last date for the same is 30th June 2020 with a late fee, as applicable as per your total income. For F.Y. 2019-20, the due date is 30th Nov. without any late fee.

I hope this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Dear Sir,

Hope you are doing well !!

Now, you can't file return for previous years. The due date has been lapsed.

Also, If you receive any notice from the income tax department then you can file the return of previous years.

You can file the return for F.Y. 2018-19 with below late fees.

Taxpayers whose annual income doesn’t exceed INR 5,00,000 will have to pay a maximum of INR 1,000 as a penalty for missing the deadlines and late fee or penalty would be Rs. 10000 if total income exceeds Rs. 5 lakh.

We may assist you in ITR filing.

Dear sir 

Considering ur situation now  you can file the return for F.y 2018-19 upto 30 June 2020. But u need to pay penalty of rs 10000 if ur income exceed 5 lac & interest in income tax amount.

For F.Y. 2019-20, the due date is 30th Nov 2020.

If u need assistance in filling return then u can contact me through phone consultation & I will guide u on same so that u save at leat ur interest on the tax amount.

please rate 5 & provide valuable feedback so that I can improve my answer in future

Hi

It is advisable that you file the ITR for FY 18-19 and FY 19-20 now and pay the applicable taxes along with interest.

The ITR for FY 17-18 cannot be filed now.

We may assist you with the filings.

Generally it issues notices from the end of a two years. But can issues notice if they have valid reason for so. 

Yes they have the powers to issue notice upto 4 year and if income is above 1 lakh they can even issue within 6 years.

Dear Sir,

Please go through the below link for timelines:

https://www.incometaxindia.gov.in/charts%20%20tables/limitation%20periods.htm

As seen from your communication, it seems that income earned from abroad is showing an increasing trend. Hence, it is worth while to start paying the necessary taxes and file the tax return.  

The due dates for filing the tax returns for year ended March 2017, 2018 have lapsed.  You still can file March 2019 return as the date for belated return is extended to June 2020.  Also, note the due date for filing the MArch 2020 return is now extended to Nov 2020.  I would advise you to pay taxes from MArch 2019 onwards.  The chances of receiving notice are less as the numbers are small.  

There are various penalty for non-filing return, interest for not paying advance tax, declaring wrong information or misleading information. Also, there is fixed fee ranges from 5000-10,000 for non-filing return within specified dates. Notice can be issued till 4 years from the end of assessment year.  There are possibilities that notice can be issued till 6 to 16 years, but not apply to you as the  amount involved in meagre.  

Hi,

- First of all, file ITR for the F.Y. 2018-19. The last date is 30.06.2019. There will be a late fee of Rs.10k if taxable income is more than Rs.5 lacs.

- Share income year wise to calculate the liability of filing of ITR and taxes.

- My email id is aroravivek1982@gmail

Yes, the department have the power to issue notice for even up to 6 years subject to provisions.

Income tax department can issues notice upto 6 years from the end of relevant assessment year to collect pending taxes.