A new section 234F has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18).
Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date.
The due date of filing Income Tax returns for Financial Year 2017-18 (Assessment Year 2018-19) is 31/08/2018 for salaried taxpayers.
The fee (penalty) will be as follows:
|Total Income||Return filed||Fee (Penalty)|
|Upto Rs. 5 Lakh||After due date||Rs. 1,000/-|
|Exceeds Rs. 5 Lakh||On or before 31st December of Assessment year but after due date||Rs. 5,000/-|
|In any other case||Rs. 10,000/-|