1. Post-Final Penalty U / s 234F
As per the changed rules promulgated under section 234F of the Income Tax Act which came into effect on 1 April 2017, completing your ITR post deadline, may make you liable to pay a maximum fine of Rs 10,000. Analyzing this in the current year; If you submit your FY ITR 2020-21 post 31st December 2021 (15th February 2022 for review and 28 February 2022 for transfer price charges), no penalty will be charged. For refunds lodged after 31 December 2021, the fine limit will be increased to Rs 10,000. However, as a relief to small taxpayers, the IT department said that if the total income was no more than Rs 5 lakh, the maximum penalty charged would be only Rs 1000 lakh.
Frequently Asked Questions
Delay in getting Refund
In the event that you are entitled to a refund from the government for overpayments, you must submit your refund within the due date for immediate refund.
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