06 April 2017
Would anybody let me know as from which assessment year exactly penalty of Rs 5,000 & 10,000 shall be levied on late filing of income tax return ? Can it be waived off. ?
If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000. However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.
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