How to file ITR: Penalties for misreporting tax and other income tax return filing mistakes

If tax return not filed by due date, penalty is up to Rs.5,000

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If tax liability is more than Rs.10,000, late payment interest of 1% will be charged every month.

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Penalty of Rs.10,000.

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If TDS not deducted on purchase of property worth Rs.50 lakh or more, penalty is 1% for every month of delay.

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If TDS has been deducted but not deposited with government, penalty is higher at 1.5% per month from the date of deduction.

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Penalty is between 100% and 300% of tax evaded. If evaded amount exceeds Rs.25 lakh, taxpayer can also be jailed for up to six months.

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If the taxpayer is required to get his accounts audited, but fails to do so, the penalty will be the highest of the three: 0.5% of total sales, or of gross receipts, or Rs.1.5 lakh.

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If a single cash transaction is more than Rs.2 lakh, penalty will be 100% of the amount received in cash.

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