Penalty on Late filing of Income Tax Return, Section 234F, अगर ITR टाइम पर FILE नहीं करोगे तो देनी पड़ेगी PENALTY जाने DETAIL में

अगर ITR टाइम पर FILE नहीं करोगे तो देनी पड़ेगी PENALTY जाने DETAIL में

NEW SECTION 234 F INSERTED:

Ø  APPLICABLE FROM FY 2017-18 AND AY 2018-19.

Ø As per this section, an individual would have to pay a fee of up to Rs.10000 (maximum) for filing income tax return after the due dates specified in section 139(1) of the Act.

LATE FEE AMOUNT:

The fee to be levied is on the basis of time of delay and Income:

Ø Income Up to Rs.500000:

The maximum penalty will be Rs.1000 till 31^st March of the relevant assessment year

Ø Income Above Rs.500000:

1.  A fee of Rs.5000 in case return filed after the due date but before December 31 of the relevant assessment year

or

2.  Rs.10000 in case it is filed after December 31 of the relevant assessment year but upto 31 March

MORE IMPORTANT POINTS:

·      However, the current provisions of section 234A will still be applicable along with the newly introduced fees. According to Section 234A, simple interest is levied at the rate of 1% per month or part of it on any tax amount if not paid within due dates.

·      If you have claimed a refund in your return which is filed after due date even then, fees provision will be applicable under section 234F.

·      All the new changes will be applicable from assessment year 2018-19 and onwards

·      If you miss deadline of 31st
March with penalty also then return filing will not possible after this date

Thanks
Team CA Guruji