Friday, July 13, 2018

File IncomeTax return on or before 31st July or pay hefty fee

Those who are mandated  and salaried individuals( And pensioners)  who have to file return of income should file it on or before 31st July to avoid late fine.  Those whose total income before allowing any chapter VIA deductions(80C to 80U) and exemption mandatory even if there is no tax payable. If they file the return after 31 July but before 31st December, late filing fee u/s 234f will be Rs5000/-. If  the return  is filed after31st December but before 31st March,late fee will be Rs10000.00. This fee is introduced for the returns filed for F.Y. 2017-2018 onwards.

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