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 resp
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