Dear Members
Today i.e. 31.08.2019 is the last date to file your INCOME TAX RETURN ( ITR ). File it within today inorder to avoid LATE FEES and Penalty.
CONSEQUENCE of not filing your ITR within DUE DATE ( 31.08 2019 ) :
1). Late Fees u/s 234F of the Income Tax Act 1961 will be levied. If your Total Income is upto Rs. 5,00,000 , then a Late fees of Rs. 1,000 will be levied from tomorrow onwards. And if your Total Income exceeds Rs. 5,00,000 , then a late fees of Rs. 5,000 will be levied for Return filed within 31st December 2019. For Returns filed within the period January 2020 to March 2020, Rs. 10,000 Late fees will be levied.
2). Interest Payable by the Assessee for default in furnishing the Return of Income : Where the assessee fails to furnish Return of Income or fails to furnish it within due date U/s 139(1) , then INTEREST U/s 234A @ 1% p.m. or part of the month will be chargeable.
Therefore by keeping in mind the above said consequences, kindly file your ITR by today i.e. the due date ( 31.08.2019 ).
" A NATION IS MADE WHEN TAXES ARE PAID".....
Warm Regards.
CAclubindia
