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Fees for Late filing of Income Tax Returns

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Budget 2017 has provided for imposing fees for late filing of income tax returns. It is Rs. 5,000 for those who file after due date but upto 31st December and Rs. 10,000 who file after this date.

Small tax-payer has been kept in mind and late filing fee shall be Rs. 1,000 only in the case of person whose total income does not exceed Rs. 5 lakhs.

It shall be mandatory to pay it at the time of return filing together with tax and interest.

Section 234F has been inserted which shall be applicable from A.Y. 2018-19 which is as under:

Section 234F: Fees on late filing of return

“(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 the 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;

(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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