Chennai: Tax Payers would have to pay fine ranging from Rs 1,000 to Rs 10,000 for filing of Income-Tax returns for the assessment year 2018-19 after the due date.
An official release here on Saturday said the due date for filing Return of Income for the Assessment Year 2018-19 (Financial Year 2017-18) by various categories of taxpayers, who derive income from Salary, Pension, Income from House Property, Capital Gains, Income from Business or Profession and Income from Other Sources, and whose accounts were not required to be audited under Section 44AB, was July 31, 2018.
With the insertion of new section 234F in the Income Tax Act, the taxpayers were liable to pay a fee if the returns were filed after the due date of July 31.
While no fee or fine would be levied if Return of Income was filed within the due date of July 31, the tax payers have to pay a fine of Rs 1,000 in case the total income does not exceed Rs five lakh and IT Return was filed after July 31, but before March 31, 2019.
For those total income exceeding Rs five lakh, a fine of Rs 5,000 would have to paid for filing IT returns after July 31, but before December 31 this year.
The fine amount would be Rs 10,000 in case the total income exceeds Rs five lakh and IT returns were filed after December 31, 2018, but before March 31, 2019.
The release said under the new provisions of the Income Tax Act, no Return of Income could be filed under Section 139 of the Act beyond the end of the relevant Assessment Year.
''For instance, no Return of Income can be filed for the current Assessment Year 2018-19 beyond March 31, 2019'', it said.
All taxpayers were required to file returns electronically except the following category of taxpayers, if they so wish, could file returns in Paper form: An individual, who has Income from Salary, Other Sources and Income from only one House Property or has Presumptive Income could file Paper Return in Form ITR-1 (Sahaj) or ITR-4 (Sugam) as the case may be subject to that he or she was of the age of 80 years or more at any time during the previous year, or whose total income does not exceed Rs five lakh and who has not claimed any refund in the Return of Income.
In order to facilitate taxpayers to file their Return of Income, Tax Return Preparer (TRP) counters would be functioning at Aayakar Bhawan campus in the city from July 16 to August three on all working days and the taxpayers were requested to avail this opportunity.