The Finance ministry during FY 2017-18 Budget introduced a new Sectoin 234F to levy penalty for late filers OR non-filres of Income Tax Returns. As we are in a low tax compliance society, it's very important to understand income brackets, timing, penalty amounts and how to avoid such sitation.
If you file your Income Tax Returns after Due Date but on or before 31st December then the Penalty for filing of returns will be Rs.5,000/-.
If you file your Income Tax Returns After Due date but on or After 01st January then Penalty for filing of returns will be Rs.10,000/-.
If your Total Income does not exceed Rs.5,00,000/- Then Maximum Penalty Applicable will be Rs.1000/- Irrespective of dates.
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