Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies, and trusts to file income tax returns each year. Individuals and NRIs are required to file an income tax return if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of the amount of income or loss. All companies and LLPs are mandatorily required to file income tax returns, irrespective of turnover or profit. Upload your documents, sit back and relax. Our experts will file your income tax return and provide you the acknowledgment within 1 - 2 business days.
Penalty for Late Filing Income Tax Return
Taxpayers who do not file their income tax return on time are subject to penalties and charged interest on the late payment of income tax. Also, the penalty for late filing income tax returns on time has been increased recently. The penalty for late filing income tax return is now as follows:
- Late Filing between 1st August and 31st December - Rs.5000
- Late Filing After 31st December - Rs.10,000
- Penalty if taxable income is less than Rs. 5 lakhs - Rs.1000