Late filing of ITR-6 (for companies) after the due date (usually October 31) attracts a penalty of up to ₹10,000 under Section 234F. A late fee of ₹5,000 applies if filed after the deadline but before December 31, while a reduced penalty of ₹1,000 applies if total income is below ₹5 lakh. Additional interest is charged under Sections 234A, 234B, and 234C.
A late filing fee is levied if the return is furnished after the specified due date. A fee of ₹5,000 is payable for returns filed after the due date. However, in cases where the total income does not exceed ₹5 lakh, the late fee is restricted to ₹1,000. What is ITR and Who Should File?
As noted earlier, you can file your federal income tax return after the April 15 deadline without having to pay a late-filing penalty if you ask for an automatic six-month extension (typically to October 15). However, you must request the extension no later than April 15 (or whatever date returns are due that year).
Penalty for Late Filing of ITR for FY 2024-25 (AY 2025-26) For the Financial Year (FY) 2024-25 (Assessment Year or AY 2025-26), the penalty for late filing of an Income Tax Return (ITR) is Rs. 1,000 or Rs. 5,000, depending on your total income.
Late Filing Fee (Section 234E): If the buyer fails to submit Form 26QB on time, a late filing fee of Rs. 200 per day is charged for each day the failure continues. This fee accrues until the penalty amount equals the TDS amount.
Log on to website e-filing portal ( https://www.incometax.gov.in/iec/foportal/ ).
The TDS on the immovable property has to be paid using Form 26QB within 30 days from the end of the month in which TDS was deducted.
You can avoid a penalty by filing and paying your tax by the due date. If you can't do so, you can apply for an extension of time to file or a payment plan.
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/- All other ITR Filing: ₹3,000/-
Yes, you can file your ITR after the due date. But such an ITR will be considered as a belated return, and a late filing fee will be levied along with interest. A belated return is filed under Section 139(4). Yes, a belated return can be revised.
An updated return can be filed at any time within 48 months [12 months till 31-03-2025] from the end of the relevant assessment year.
You can request a waiver even if you haven't paid all the tax you owe yet, but any failure-to-pay penalty will continue to increase until the tax is completely paid.
If you don't file your tax return by the October 15 extension deadline, the IRS charges a failure-to-file penalty of 5% per month (up to 25%) on unpaid taxes, plus a failure-to-pay penalty (0.5% per month), and interest on the total amount due, potentially leading to significant costs, though you can request penalty abatement for reasonable cause, and if you're owed a refund, you generally won't face penalties but risk losing your refund if you wait too long (usually over 3 years).
For NRIs who have not yet filed their Income Tax Returns for FY 2024–25 (AY 2025–26), the last opportunity to file a belated return is 31 December 2025. Filing after the due date attracts a late fee under section 234F and may result in the loss of certain tax benefits.
The 12 Most Common Income Tax Filing Mistakes to Avoid
Yes, you can file your ITR without a CA via our DIY plans. Click here to check out the plans. What is assisted filing? Get an expert to do your taxes for an individual with all kinds of income.
The average cost of tax preparation by a Certified Public Accountant (CPA) in the U.S. typically ranges from $200–$500 for individual returns and $1,000–$5,000 for small business or corporate returns. Costs depend on the complexity of your taxes, the number of forms required, and your location.
The penalty for filing taxes late is 0.5% per month (or a fraction thereof) of the unpaid tax until the tax is paid in full, plus interest, also with a maximum penalty of 25%. The IRS can collect back taxes for ten years from the date the taxes were assessed.
To avoid the late fee under Section 234F of the Income Tax Act, ensure you file your income tax return on time for the applicable assessment year. If you miss the deadline, you still have the option to submit a belated return by December 31st of the relevant assessment year.
a fire, flood or theft prevented you from completing your tax return. postal delays that you could not have predicted. delays related to a disability or mental illness you have.
We may be able to remove or reduce some penalties if you acted in good faith and can show reasonable cause for why you weren't able to meet your tax obligations. By law we cannot remove or reduce interest unless the penalty is removed or reduced. For more information, see penalty relief.
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
As per Section 139 of the Income Tax Act 1961, all taxpayers must file an income tax return. However, if you miss the deadline of July 31, the government allows you to use a belated ITR form to submit your tax return. You can file a belated ITR up to three months before the end of the assessment year.
TDS on sale of property by NRI must be deducted by the buyer under Section 195 before making payment. As per Budget 2024, the TDS rate on purchase of property from NRI (Section 195) is 12.5% for LTCG and as per slab rates for STCG, with no indexation benefits.