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, the fee (penalty) is levied if the Income-tax return is not filed within the due date.
The due date for filing Income Tax returns for Financial Year 2020-21 (Assessment Year 2021-22) is 31/12/2021 for salaried taxpayers.
The fee (penalty) will be as follows:
|Total Income||Fee (Penalty)|
|Upto Rs. 2.5 lacs||Nil|
|From Rs. 2.5 lacs – Rs. 5 lacs||Rs. 1,000/-|
|Above Rs. 5 lacs||Rs. 5,000/-|