For returns filed later than 31 December of the relevant assessment year, the penalty levied will be increased to Rs. 10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.

The maximum penalty is Rs. 10,000 if you file your ITR after the due date. But before 31 December, a penalty of Rs 5000 will be levied.

What is the penalty for late filing taxes?

The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. If you file more than 60 days after the due date, the minimum penalty is $435 (for tax returns required to be filed in 2021) or 100% of your unpaid tax, whichever is less.

What happens if you file a 2015 tax return late?

For instance, a 2015 tax refund would have expired on April 15, 2019 (three years past the original deadline of April 15, 2016). If you’re due a refund, there’s no penalty for filing the return late. 5. Penalties kick in only if you owe the IRS. If you do, the IRS will assess two different penalties plus interest.

What’s the penalty if I miss the April filing date?

The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. If you file more than 60 days after the due date, the minimum penalty is $2105 or 100% of your unpaid tax, whichever is less.

What happens if you do not pay your back taxes by the deadline?

If you do not pay the full amount you owe by the tax deadline, even if you file an extension, you will be assessed a penalty of 0.5% of your balance due per month or part of a month after the deadline. The amount of your failure-to-pay penalty will not exceed 25% of your back taxes.