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Avoid Late Filing or Pay Penalty

Stricter Compliance from Income Tax Department starting AY 2018-19

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.


How late filing fee is assessed ?



1

Upto 31st Dec Rs. 5,000/-



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/-.

2

After 01st Jan Rs.10,000/-



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/-.


3

For some, Max of Rs. 1,000/-



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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