As deadline approaches, here's how to file I-T return of a deceased person

Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences

Death settles all. Well, not in the case of income tax. Even after death, the tax liability of the person remains. The tax still needs to be paid on the income that is being received by the family on behalf of the deceased person, if it exceeds the basic exemption limit. Currently, the exemption limit is Rs 5 lakh per annum. 

If the ITR is not filed, the legal heir is liable to pay the penalty or fines. They may also face penal consequences. However, they are only responsible to pay the taxes or penalties to the extent of the