Penalty for Late filing of Income Tax Return
Now its time to get ready for AY 2018-19 ITR i.e for income earned during 01.04.2017 to 31.03.2018 to avoid penalty of late filing of income tax return.
Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or we can say that taxpayers must be active and punctual now to avoid any unnecessary penalties.
A new section Sec 234F is inserted under Income Tax Act to levy penalty for late filing of ITR. Sec 234F is effective from Assessment Year 2018-19 ( Financial Year 2017-18).
If ITR for AY 2017-18 is filed after due date (31th July for individuals without audit, 30th Sept for other persons) but before 31st Dec of the Assesment year (31-12-2018 in case of Assessment year 2018-19) then Penalty of Rs.5000/- will be levied and
If ITR is filed after 31st Dec then Rs. 10000 will be levied as penalty.
Exception:- If the total Income of a person is below or equal to Rs. 5 Lakhs, then penalty will be restricted to Rs.1000 only.
The fee (penalty) will be as follows:
|Return is filed on or before 31st December of Assessment Year||Rs.5000|
|In any other case||Rs.10000|