I am filing my ITR first time, but during the process I realised that I missed the deadline. A notice for a Rs.5,000 penalty has arrived.
Is paying it mandatory, and what’s the proper way to handle this?
I am filing my ITR first time, but during the process I realised that I missed the deadline. A notice for a Rs.5,000 penalty has arrived.
Is paying it mandatory, and what’s the proper way to handle this?
Late filed.....income above 5 lakh....then penalty of 5000/- as per act
Pay the penalty through online to the income tax department's website. File your ITR if not done for the relevant assessment year.
Check for any other demands.
Penalyy not required.
Itr u provisions are there. If the income is taxable in that particular assessment year then tax needs to be paid.
CAclubindia
