Tax officials often say the penalty for filing late tax returns is fairly low in India
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We often hear from tax officials that the penalties in India for not filing tax returns in time are fairly low, being just ₹5,000, and going up to ₹10,000 if the tax return is not filed by 31 March following the taxable financial year. This is, of course, in addition to interest payable at 1% per month on the unpaid taxes. Is this fact of penalties being low really true or are there other far more severe consequences?
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