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/- |
Comments
0 comments
Please sign in to leave a comment.