Article explains Compulsory Filing of Income Tax Return Sec 139(1) with relevant due dates, Late Filing Penalty for Income Tax Return under Section 234F of the Income Tax Act, 1961 and Prosecution Proceedings for Late Filing of Income Tax Return under Section 276CC of the Income Tax Act, 1961.
Compulsory Filing of Income Tax Return Sec 139(1)
| Particulars | Due Dates | Cases |
| Individuals, AOP/BOI, Partnership firms | 31st July,2018 | When there is no transfer pricing and no Audit. |
| Individuals, AOP/ BOI, Partnership firms, Companies | 30th September,2018 | In case of Audit applicable. |
| Individuals, AOP/ BOI, Partnership firms, Companies | 30th November,2018 | In case of Transfer pricing ie cases of international transactions or specified domestic transaction. |
Late Filing Penalty Sec 234F
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,—
| Amount | Remarks |
| Rs 1000/- | Where the total income of the person does not exceed five lakh rupees. |
| Rs 5000/- | Where return is furnished on or before the 31st day of December of the assessment year ie AY 2018-19. |
| Rs 10000/- | In any other case. |
Prosecution Proceedings for Late Filing of Income Tax Return Sec 276CC
Where a person fails to
> File the return of the income tax act u/s 139(1)
> Where a notice u/s 142(1)(i) or section 148 or section 153A has been issued to the assessee and assessee fails to file the return in response to such notice.
Then assess shall be liable for the rigorous imprisonment:-
| Tax sought to be evaded | Minimum Imprisonment | Maximum Imprisonment |
| Exceed 25 Lakhs | 6 Months | 7 Years |
| Other cases | 3 Months | 2 Years |
Note 1: The above imprisonment shall be in addition to the fine u/s 234F.
Note 2: Further, the Assesse shall not be proceeded against under this section due to failure to furnish return u/s 139(1) if:
> The Return furnished by him before the expiry of the assessment year up to (31st March,2019) ; or
> The tax paid by him under the regular assessment after deduction of advance tax and TDS Return does not exceed Rs.3000/-
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