Annual return of income

November 30, 2018 all-day

Annual return of income by an assessee if he/she/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s) in ITR 6/ ITR 7 (as applicable).

Penalty:- A penalty of Rs 5000 will be applicable for returns filed after the due date of 31st July but before 31st December of the relevant assessment year.  In case an income tax return is filed after 31st December, a penalty of Rs.10,000 will be applicable. For assesses with a taxable income of upto Rs.500,000, a reduced penalty of Rs.1000 will be applicable.

In some cases, where the taxpayer has willfully and deliberately failed to file income tax return action can be initiated under Section 276CC of the Income Tax Act. The penalty under Section 276CC for late filing of income tax return where the amount of tax payable or evaded is more than Rs.25000 is imprisonment of 6 months to 7 years and a fine. In all other cases prosecuted under Section 276CC, the penalty would be 3 months to 3 years of imprisonment with fine.

Whenever the income tax return is not filed on or before the due date, the taxpayer would be required to pay interest at 1% for every month or part of a month where there was a delay in filing tax return.

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