Do not worry! Penalty for delay in filing returns will be applicable from 2017-18

The Narendra Modi government at the Center had said in February this year that the delay in filing an Income Tax return was a maximum of Rs 10,000. However you do not have to worry about it anymore. This plan will not apply this year, but from 1st April next year. The last date for filing income tax returns this year is July 31.

The government has added Section 234 F in the Income Tax Act. According to this section, after the last date for filing income tax returns, a maximum of Rs 10,000 will be required to file a return. How much will this fee be, depending on how long you file a return.

Fees on this basis

  • If you filed the return till the last date fixed by December 31, you will have to pay Rs 5000 as fee.
  • If the return is filed after December 31 then Rs 10000 will be charged.

CEO Abhishek Soni said that the government has given some relaxation to the tax payer in this. If the taxpayer is not earning more than Rs 5 lakh, then the fee will be only Rs.1000.

Abhishek said that you have to deposit this fee with the Self Assessment Tax. He said that if you have filed a refund while filing returns after the due date, you will also have to pay fees under Section 234F. In such a situation, if you are delayed in filing returns in the financial year 2016-17, you will not have to pay additional fees for that.

Source: economictimes

Leave a Reply

Your email address will not be published. Required fields are marked *