File Ur IT retrun in time

DIDN'T FILE YOUR INCOME TAX RETURN? KNOW THESE 3 PENALTIES THAT CAN HOUND TAX DEFAULTERS Filing Income Tax Return is mandatory for a person who’s earned money (read income) in a given Financial Year. It becomes especially crucial if the income earned by you crossed Rs.2,50,000 for FY 2017-18. There are a set of penalties under the IT Act for tax evasion ranging from a fine or even imprisonment that can hound Income Tax defaulters: 1. If an individual fails to pay tax whether wholly, partly or interest under Self- Assessment, then under section 221(1) of the Income Tax Act, an assessing officer can impose a penalty up to the arrear amount of the taxes not paid by an assessee. A demand notice is sent to the tax defaulter, who has to pay the tax due within 30 days. 2. If an individual is found concealing income in order to evade taxes, then as per section 271(C), the tax penalty can range from 100% to 300% of the tax on actual income. 3. The IT department can raid the premises of an individual which it considers a tax defaulter due to concealment of earnings. Under section 271 AAB, a penalty ranging from 10% to 90% could be applicable. Read more at http://starhealthdevarajan.com/news/700 www.starhealthdevarajan.com For Insurance related services, U can always call us at 9840177017 Devarajan