ITR Filing 2026: Deadlines, Penalties, and Key Details ITR Filing Deadline for 2026 Deadline: All eligible taxpayers must file their Income Tax Returns (ITR) by July 31, 2026. Applicable Forms: ITR-1 (Sahaj) and ITR-2 (for individuals with income from salary, pension, house property, capital gains, etc.). --- Consequences of Not Filing by July 31 Late Fee (Section 234F): If filed between July 31 and December 31, 2026: Income up to ₹5 lakh: ₹1,000 late fee. Income exceeding ₹5 lakh: ₹5,000 late fee. If filed after December 3, 2026: Income up to ₹5 lakh: ₹10,000 late fee. Income exceeding ₹5 lakh: ₹10,000 late fee (same as above). Penalty (Section 271A): If the return is not filed by December 31, 2026, a penalty of up to 100% of the tax payable may be imposed. Interest (Section 234A): Interest at 1% per month (or part thereof) is charged on unpaid tax from the due date (July 31) until the date of payment. --- Who Must File by July 31? Eligible Taxpayers: Individuals with income from: Salary (including pension) House property Capital gains Other sources (e.g., interest, dividends) Presumptive Taxation (Section 44AD/44AE): Business income under Section 44AD (e.g., small businesses) must file ITR-4. Professionals under Section 44ADA must file ITR-4. Non-resident Indians (NRIs): Must file ITR-2 or ITR-3. Exemptions: Taxpayers with audit requirements (e.g., those with income exceeding ₹50 lakh or specific business types) have different deadlines under Section 139(1) of the Income Tax Act. --- Tips to Avoid Penalties File on Time: Submit ITR by July 31, 2026, even if you have no taxable income. Use E-Filing: File via the Income Tax e-Filing Portal (https://www.incometax.gov.in) for ease and faster processing. Verify Details: Ensure accuracy in income, deductions, and tax calculations to avoid scrutiny.#penalty #income_tax_department #itr_filing #tax_return #late_fee
Pay property tax by March 31 or face penalty: Ludhiana MC tells residents Officials said taxpayers will have to pay a 20 per cent penalty along with 18 per cent annual interest if the property tax is not cleared after the deadline. The municipal corporation emphasized that failure to settle the dues by March 31 will result in additional financial burdens for property owners. The notice was issued to ensure timely collection of taxes and to prevent the accumulation of arrears. Residents are advised to settle their outstanding property tax obligations before the specified deadline to avoid the imposition of penalties. The municipal authorities reiterated that the payment of property taxes is a civic responsibility and urged all property owners to comply with the regulations.#property_tax #penalty #residents #ludhiana_mc #municipal_corporation
SC: Employer has to pay penalty from his pocket for delay in pay #pay #pay_penalty #Employer #penalty #pocket
