How much needs to be paid to IT department

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Abhishek M

not

67 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?

Replies (5)

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.

Kapadia Pravin

10683 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

Eswar Reddy S

CFO- at NHTF

15022 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

rama krishnan

5751 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

Kapadia Pravin

10683 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.

Abhishek M

not

67 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

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