income tax return

penalty will be applicable as per the net income less than 5lakhs penalty will be 1000rs. unless penalty will be 5000ra

Let’s understand the quantum of fee that would be payable under section 234 F on the following income and return filing date through an example :

Total Income	Income Tax Return Filing Date	Fees 234F
3,00,000	05/07/2018	NA
6,00,000	31/07/2018	NA
10,00,000	25/07/2018	NA
25,00,000	10/08/2017	5,000
4,00,000	10/01/2019	1,000
9,00,000	15/10/2018	5,000
4,50,000	13/11/2018	1,000
18,00,000	15/02/2019	10,000

 See section 234F for panalty 

The due date of filing Income Tax returns for Financial Year 2017-18 (Assessment Year 2018-19) is 31/08/2018 for salaried taxpayers. The fee (penalty) will be as follows: Total Income Return filed Fee (Penalty) Exceeds Rs. 5 Lakh On or before 31st December of Assessment Year but after due date Rs. 5,000/- In any other case Rs. 10,000/- Upto Rs. 5 Lakh After due date Rs. 1,000/-

Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing of return was levied at the discretion of Assessing Officer. But now, the same is payable before filing of Income-tax return.