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Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
The due date for income tax return filing is 31st July of every year for individual taxpayers.
The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September.
Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.
