Why 30th November 2020 is so important ?

Return of Income for the Y/A 2019/2020 should be furnished on or before 30th November 2020.Furnishing of an incorrect return or failure to furnish the return on or before the due date  will be subjected to penalties or imprisonment as follows.

• Penalty for late filing of return of income is equal to the greater of –

5% of the amount of the tax owing, plus a further 1% of the amount of tax owning for each month or part of a month during which the failure to file continues:

and

Rs.50, 000/- plus a further Rs. 10,000/- for each month or part of a month after November 30, 2020

• A penalty for making false or misleading statement is equal to the greater of Rs. 50,000 or the amount by which would have the tax payable reduced or refund increased, if it were determined based on such statement.

• For failure to file a return, a fine or/and imprisonment that is  not exceeding Rs.10 million or imprisonment for a term not exceeding two years or both such fine and imprisonment.