ITR Filing 2024: Penalty For Late Filing, PAN, Aadhaar Mismatch, Income Misreporting | Personal Finance News

Late Filing Of ITR

You will have to pay a penalty of Rs 1,000 as late fee charges, if your salary is below Rs five lakh per annum while for annual income over Rs 5 lakh, the penalty is Rs 5,000.

Penalty For Under-reporting and misreporting of income

Under Section 270A of the Income Tax Act, there is a structured penalty framework for under-reporting and misreporting income with penalty ranging from 50 percent to 200 percent.

The amount of penalty shall be a sum equal to 50 percent of the amount of tax payable on under reported income. if However, if under-reported income is in consequence of any misreporting thereof by any person, the penalty shall be equal to 200% of the amount of tax payable on under-reported income.

Penalty For Incorrect PAN Number

Failure to comply with provisions relating to PAN or if you have provided incorrect PAN details, there will be a penalty of Rs 10,000.

Default in intimating Aadhaar Number

Maximum penalty of Rs 1,000 will be levied.