Penalty for delayed filing of Income Tax return for AY 2018-19 onwards

A new section Sec 234F is inserted to levy penalty for late filing of ITR. Sec 234F is effective from Assessment Year 2018-19 ( Financial Year 2017-18).
If ITR for AY 2018-19 is filed after due date (31th July for individuals without audit, 30th Sept for other persons) but before 31st Dec of the Assesment year (31-12-2018 in case of Assessment year 2018-19) then Penalty of Rs.5000/- will be levied and If ITR is filed after 31st Dec then Rs. 10000 will be levied as penalty.
Exception:- If the total Income of a person is below or equal to Rs. 5 Lakhs, then penalty will be restricted to Rs.1000 only. more

Helpful Tax, Investments and Retirement Apr 11

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Dr. Mohan Rao

Attrocious way of harassing sincere tax payers. Wonderful gift from working Govt more

Apr 14

Suresh Dikole (Suresh Dikole)

Our Govt. policy is : Those who follow the Rules , compel them ,squeeze the.And those do not , ignore them! more

Apr 12

Indu Bhushan Bhargava (Consultant)

I think there must be some provision for RI outside India to file return after due dates and without imposing a penalty. If not it needs to be introduced. more

Apr 12

Rajendra Deshmukh

It is unjust, if any is out of country what he will do. more

Apr 11

Kulasekhararao Gooty

Thanks sir for your suggestion more

Apr 11

ASHOK GOLAS

Mr. Kulasekhararao Gooty: Ask for copy of your pension by email. You can file the income return from any place in the world. more

Apr 11

Kulasekhararao Gooty

You are absolutely correct Sir. I am leaving to US for 5months. My pension office gives form 16 next month more

Apr 11

Narayanan Krishnan

The penalties levied are not correct. The time limit for filing TDS returns is upto 30th May and it will take some tiome for the sasme to appear in the NSDL portal. There will not be enough time for verifying the tax credits /geting TDS certificates and then filing the returns. The due date for filing is 30th Sep for 44AB audit cases and the partners of such concerns. Further the time limit for completion of Time barring assessments is also 30th Sep. This will put a lot of pressure on TAx professionals. Will the Government come forward to pay these type of penallites for pending refunds and pending rectifications. Why a one sided responsibility? more

Apr 11

Kuldeep Dixit (RWA President)

Certainly, if at all, penalty should be both way. more

Apr 11

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