Wealth

    Penalty for missing ITR deadline: Who doesn't have to pay

    Penalty for missing ITR deadline: Who doesn't have to pay

    Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.

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