Finally due date for filing of income tax returns (ITR) for Assessment year 2016-17 and 2017-18 is over. Now its time to get ready for AY 2018-19 ITR to avoid penalty of late filing of income tax return.
Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or we can say that taxpayers must be active and punctual now to avoid any unnecessary penalties.
So here in this article our main objective is to save taxpayers from paying unnecessary penalties. Unnecessary means those penalties which we can avoid by proper follow up.
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.
The fee (penalty) will be as follows:
|Return is filed on or before 31st December of Assessment Year but after due date and total Income exceeds Rs. 5 Lakh||Rs.5000|
|Return is filed on or before 31st December of Assessment Year but after due date and total Income do not exceeds Rs. 5 Lakh||Rs. 1000|
|In any other case||Rs.10000|