Penalty on late filing of Income tax return

From Assessment year 2018-2019 assesee have to pay late fees under section 234F, if assessee does not furnish the ITR on time. The taxpayer shall now be required to pay late filing fees U/s 234F.

Now be described Section 234F of Income tax Act, 1961: -

• If an assessee fails to file return on time prescribed  U/s 139, he shall pay, by way of fees, a sum of,-

1. rupee five thousand (Rs. 5000/-) if the return is not filed on or before 31st Dec. of A.Y.;
2. rupee ten thousand (Rs. 10000/-) if return filed after 31st Dec. of A.Y.

• If total income of person does not exceeds Five Lakh rupees (Rs.5,00,000/-) then late filing fees shall not exceeds one thousand rupees (Rs. 1000/-).