ITR filing FY 2023-24: What is the penalty for late filing of income tax return? Check penalties for misreporting tax & other mistakes – Times of India

Income Tax Return(ITR) Filing FY 2023-24: As the deadline for filing income tax return for the assessment year 2024-25 approaches, it is imperative that you file your tax return on time. Any delay in filing your ITR beyond the due date can cost you a penalty.
Also, in case you have a tax liability exceeding a certain amount at the time of ITR filing, then there is an interest penalty on the amount due for each month of delay.It is also important to keep in mind transactions that require you to cut TDS, in order to avoid penalties.
We take a look at some common tax return filing penalties that you should avoid, as listed by ET Wealth.

Late Filing of Income Tax Return:

Also Read | ITR filing FY 2023-24: Confused between old & new tax regime? Top points to consider before filing your income tax return

TDS-related penalties:

Some other tax penalties: