ITR filing FY 2017-18: Up to Rs 10,000 penalty for late filing this year

Filing Income Tax Return (ITR) is an annual ritual by individuals and other category of taxpayers. This year’s income tax return will be filed for the financial year 2017-18 or Assessment Year 2018-19.

The ITR this year is applicable for income earned between April 1, 2017 and March 31, 2018.
A very important note that you must make while filing for this year’s ITR is the late filing penalty. As per the Income Tax rule, with effect from assessment year 2018-19, if an Assessee fails to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to pay fee of:

a) Rs 5000 if return is furnished on or before 31 December of assessment year

b) Rs 10,000 in any other case

However, the new rule says that if total income of the person does not exceed Rs 5 lakh then fee payable shall be Rs 1000.

“In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to provide that a fee for delay in furnishing of return shall be levied for assessment year 2018-19 and onwards in a case where the return is not filed within the due dates specified for filing of return under sub-section (1) of section 139,” the memorandum for the Finance Bill 2017 had said.

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