ITR Filing 2026: If you hide income, you will have to pay penalty up to 200%, know the tax rules

Knews Desk– Even a small carelessness while filing Income Tax Return (ITR) can cause huge loss to you financially. If a taxpayer does not file ITR on time or tries to pay less tax by hiding his actual income, the Income Tax Department can take strict action against him. Under the Income Tax Act, in such cases, not only late fees have to be paid, but the amount of tax is also levied for deliberately giving wrong information. fine up to 200 percent Can also be applied. Taxpayers are therefore advised to give correct details of their income and file returns within the prescribed time limit. According to the rules of the Income Tax Department, if a person shows income less than his actual income, which is Under-reporting of income it is said, then Section 270A of Income Tax Act of the tax payable on that hidden income under 50 percent You may have to pay additional fine. At the same time, if the department finds that the taxpayer has knowingly given wrong information, submitted fake documents, shown fake expenses or made false claims to hide income, then it misreporting of income It is believed. In such a situation, the fine will increase to the amount of tax concerned. 200 percent Could be till.

Not filing ITR on time can also prove costly. Section 234F of Income Tax Act On filing return after the last date prescribed under Late fee up to Rs 5,000 May have to pay. However, taxpayers whose total annual income less than 5 lakh rupees The maximum late fee for them is Rs 1,000 It has been determined. Apart from this, late filing of return may also lead to delay in getting refund and may also lead to deprivation of some tax benefits. There are also provisions for many other types of penalties in the income tax rules. If any person TDS (Tax Deducted at Source) come on TCS (Tax Collected at Source) If you do not file the statement on time, Section 234E under Rs 200 per day A fine of Rs. At the same time, for non-maintenance of necessary books of account for business-related taxpayers. Section 271A under Rs 25,000 Penalty up to Rs. If tax audit is mandatory for a businessman or professional and he does not get the audit done, then his turnover will be 0.5 percent or maximum Rs 1.5 lakh A fine of up to Rs.

Meanwhile, a relief news has also emerged for Indian professionals working abroad. 15 July 2026 between India and Britain from Free Trade Agreement (FTA) And Double Contribution Convention (DCC) Is going to be implemented. The biggest benefit of this agreement will be given to those Indian employees who go to Britain on short-term assignments for up to five years. First his salary was approx. 25 percent share of britain National Insurance Contribution (NIC) It was deducted as pension, whereas they would not be able to get its benefit in future because it is necessary to stay there for at least 10 years to get the right to pension. After the implementation of the new agreement, this amount deducted from the salary of such Indian employees will no longer be deposited in Britain, but will be deposited in their account in India. Provident Fund (PF) Will be deposited in the account. Employees on this amount Tax-free interest up to 8.25 percent Will also get, which will strengthen both their retirement fund and social security. In such a situation, experts believe that while taxpayers should file ITR on time and with correct information, it is also important to be aware to take advantage of the new reforms being done by the government.