How much needs to be paid to IT department

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not
68 Points Posted on 03 March 2020

What are the penalties IT department will levy if income was more than 8 lakhs and no ITR was filed in that financial year and TDS deducted was far less than the total tax that the individual will pay? So the individual paid tax far less than the tax the individual should pay to IT department in that financial year?

How much fine does the individual needs to pay is the individual wants to pay the IT department the remaining tax and file the ITR voluntarily?

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On 03 March 2020 at 18:01 Report
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Quick Summary
This discussion addresses the significant penalties individuals may face for not filing their Income Tax Returns (ITR) when their income exceeds 8 lakhs and tax has been underpaid. Penalties can range from 50% to 200% of the tax evaded, plus interest, and potentially prosecution. For older assessment years (prior to 2017-18), penalties could be even higher, from 100% to 300%. Filing voluntarily may mitigate some penalties, but late fees and other charges will apply.

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17269 Points Posted on 03 March 2020
ITR fling is mandatory.

By not filing you are running a risk. For which FY you are talking about ? Huge penalty from 100% to 200 % plus tax plus interest plus prosecution
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On 03 March 2020 at 18:45
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CFO- at NHTF
58280 Points Posted on 03 March 2020
As of now Only one year can be done with late fee of 10000/-.

You must visit the income tax office to file ITR for earlier years
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On 03 March 2020 at 18:53
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12244 Points Posted on 04 March 2020
If the ITR pertains to a. y. prior to 2017-18, the penalty shall be 100% to 300% of tax sought to be evaded under 271(1)(c) . if it's for a. y. 2017-18 and subsequent a. ys, the penalty will be 50 % or 200% of tax sought to be evaded, as the case may be
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On 04 March 2020 at 09:17
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17269 Points Posted on 04 March 2020
Yes Mr. Rama Krishnan, thanks for correcting.

New provisions (270A & 270AA) bring a certainty to the quantum of penalty by prescribing a fixed percentage of penalty – 50% in case of under reporting of income and 200% in case under reporting is due to mis-reporting.
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On 04 March 2020 at 13:33
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not
68 Points Posted on 07 March 2020

Does it mean that 50 % tax amount + tax amount + Rs. 10000 needs to be paid to the IT department if its is not under reported?

What do you mean by prosecution when you stated ----Huge penalty from 100% to 200 % plus tax plus interest plus prosecution. What does this prosecution means here? Does it mean a police complaint or a court complaint? Does it mean IT Department wil mark you as a criminal offender and that will bring difficulties in getting an employment in an company?

Thanks,

Huge penalty from 100% to 200 % plus tax plus interest plus prosecution

Read more at: https://www.caclubindia.com/forum/how-much-needs-to-be-paid-to-it-department-543923.asp
Huge penalty from 100% to 200 % plus tax plus interest plus prosecution

Read more at: https://www.caclubindia.com/forum/how-much-needs-to-be-paid-to-it-department-543923.asp
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On 07 March 2020 at 20:49

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