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Under Section 234F, a penalty of ₹ 5,000, or ₹ 1,000 is levied for small taxpayers, and a 1 per cent per month penal interest under Section 234A is applicable on pending tax payment.
These deadlines include adding nominations to your demat account and mutual fund folios, signing a revised bank locker agreement, invest in special FDs with higher interest rates and more.
If you miss the final deadline of December 31, a penalty can be imposed and interest levied
Contrary to popular belief, the tax department allows taxpayers to revise their tax returns after receiving a tax notice
If an individual has missed the deadline of July 31, 2023 to file their income tax return (ITR) for FY 2022-23, then he/she may still file a belated ITR by paying a penal fee. However if an individual's income is below the basic exemption limit then there is no penal fee for filing belated ITR.