Penalty of late filing of income tax return from AY 2018-19

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, 30^th Sept for other persons) but before 31^st  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 31^st 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:

Particulars	Fee (Penalty)
Return is filed on or before 31st December of Assessment Year	Rs.5000
In any other case	Rs.10000

Related Post

234F ; Fee for delayed filing of return  should be Withdrawn &; Budget 2017-18 Suggestion

234F- Fee for delayed filing of Income tax return w.e.f AY 2018-19

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