Is there any penalty for late filing of nil return?

NIL return: For NIL return late filing, CGST has reduced the amount to INR 10 per day and similarly SGST also has reduced the amount to INR 10. Thus, a total of INR 20 per day is levied for not filing NIL returns on time. Under IGST also, the late fees have been reduced to INR 20 per day.

What happens if ITR is filed after due date?

A late filing fee will be levied if you file a belated tax return, i.e., after the deadline. Until assessment year (AY) 2017-18, there was no penalty for filing belated income tax returns. But if no tax is payable, the taxpayer won’t be liable to pay this interest solely due to the belated filing of ITR.

Can I file nil ITR last 3 years?

No, you cannot file an ITR for the last three years together, that is, in one year. In case you have missed the extended deadline fixed for filing your ITR, you can still file your ITR with a penalty through a ‘Belated Return’ which was first introduced in the Finance Act of 2017.

Is it compulsory to file nil ITR?

Filing of a NIL income tax return is not mandatory if your total income is below the basic exemption limit as per the income tax act. But it is always recommended that you file an ITR if there is any source of income earned by you in a financial year.

How much is penalty for filing taxes late?

Late-filing penalties can mount up at a rate of 5\% of the amount due with your return for each month that you’re late. If you’re more than 60 days late, the minimum penalty is $100 or 100\% of the tax due with the return, whichever is less.

How do I pay late fees for ITR?

As per Finance Act 2017, Late fees under section 234F can be paid by the way of “Self Assessment”—> “Others”, this penalty can be paid from FY 17-18 and onwards.

How can I file my nil return online?

How do I fill up a nil return online?

1. Enter your income details and deductions. Income tax is computed and you will be shown that you have no tax due.
2. Submit your return to the Income Tax Department. And send your ITR-V to CPC Bangalore to complete the e-filing process.