ITR Filing: If you are a salaried employee then you must be aware that 31st July is the last date to file ITR. Before this, it is very important for all employees to fill ITR. But merely filing the income tax return is not enough. If you do not file ITR on time, provide incorrect information about your income or do not follow tax rules, you may have to pay penalty, interest and late fees.

mistake can be costly
While filling ITR, it is very important for you to keep some important things in mind. You should avoid making any kind of mistake while filling it. Because if a person under-reports his income, then under Section 270A, a penalty of 50% of the tax on under-reported income can be imposed on him. At the same time, if wrong information has been given intentionally, wrong deduction has been claimed or some facts have been hidden, then huge fine may have to be paid. This penalty can be up to 200% of the tax.

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Fine will be imposed on delay
There is a fixed time limit for filing ITR, if you file ITR after the stipulated time, then a late fee of up to Rs 5,000 may be imposed under Section 234F of the Income Tax Act. However, if your total income is less than Rs 5 lakh, then this fee will be a maximum of Rs 1,000.

Avoid making these mistakes too
There is not just one mistake but there are many other mistakes, if you do not pay attention to them, you can be fined. For example, for late submission of TDS/TCS return, you may have to pay a fee of Rs 200 per day. Businessmen or professionals who are required to maintain books of accounts but do not do so can face a fine of Rs 25,000. Those for whom tax audit is mandatory and do not get the audit done can be fined up to 0.5% of the turnover (maximum Rs 1.5 lakh).

If you want to avoid this penalty, then file ITR on time, give correct information about all your income, deposit taxes on time and keep the necessary documents and records correct. With this, notices, extra expenses and disputes with the tax department can be avoided.

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