Rs.10,000 Penalty For Late Filing Of IT Returns
February 3rd, 2017
Finance Minister Arun Jaitley made it easier for the small tax-payers, the budget has however proposed a fee for delayed filing of income tax return. If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.