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What Penalty you will have to pay, if you file ITR Late

The last date to file Income Tax Return is 31st July 2018, for the Financial Year 2017-18. If you fail to file ITR by 31St July 2018, then the penalty for late filing of income tax return is set to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act, 1961.

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What is Section 234F all about?

Apart from Section 234E of the Income Tax Act, Section 234 F is supposed to be inserted from the 1st day of the Financial Year 2018-19, that is 1st April 2018.

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Under Section 234F. Fees for default in furnishing return of income. —(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of,—

(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;

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(b) ten thousand rupees in any other case:

Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.

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Under section 234F, if someone fails to file ITR by 31st July, the then he/she will have to pay a penalty of Rs.5000 and if he/she fails to file ITR by 31st December then he will have to pay a penalty of Rs.10,000. The taxpayers who have income of less than Rs. 5lakh will have to pay a penalty of Rs.1000.

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