Yes, if you have not furnished the return within the due date, you will have to pay interest on the tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty up to Rs. 5,000 shall be levied under section 234F.
Note: W.e.f. the assessment year 2018-19, a fee as per section 234F is required to be paid if the return is furnished after the due date. Fee for default in furnishing return of income will be as follows:
Total Income |
Return filed |
Fee (Penalty) |
Upto Rs. 2.5 Lakh | Up to 31st March 2022 for A.Y. 2021-22 | Nil |
From Rs. 2.5 - 5 Lakh |
After 31st December for A.Y. 2021-22 |
Rs. 1,000/- |
Exceeds Rs. 5 Lakh |
After 31st December for A.Y. 2021-22 |
Rs. 5,000/- |
Comments
0 comments
Please sign in to leave a comment.