Tuesday, August 29, 2017

Fee for default in furnishing return of income

For the current financial year (2017-18), a new late fee has been introduced for late filing of Income Tax return.
Fee for default in furnishing return of income.
234F. (1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,—
 (a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
 (b) ten thousand rupees in any other case:
Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.
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