Non-filers of income tax returns in India will now face a steep fine.
The government has proposed an amendment to the provisions in the income tax rules dealing with the filing of returns seeking
to impose a fine on non-filers.
For people earning below Rs 5 lakh, filing returns after July
will attract a fine of Rs 1,000 and those with earnings above Rs 5 lakh would face a fine of Rs 5,000. “Those who have an income over
Rs 5 lakh and file returns after July but till December will face a fine of Rs 5,000. This fine will be raised to Rs 10,000 if the
return is filed after December.
At present, there is no fine if the returns are filed with a
delay within the assessment year, but a penalty of Rs 5000 could be imposed if the filing was after it. But the income tax
department did not aggressively pursue this.
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