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Late Fee Income tax

Jayaram (Senior Finance Officer) (398 Points)

25 December 2018

My Gross income is less than 5 lakh . if I file return after 1st Jan 2019 what is the penalty?

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178301 Points)
Replied 25 December 2018

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.

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CA. Kailash Vaishnav (Practicing CA) (51 Points)
Replied 25 December 2018

If you are filing your return after 31.12.2018, the late fees will be Rs 10000/- irresepective of your Total Income.

Aman Kumar (Accounts Executive) (744 Points)
Replied 25 December 2018

1000 late fees before 31 Dec 2018,after you filled itr,so 10000 late fees.

Sanjanaa Mehta (7 Points)
Replied 25 December 2018

if net income is less than 5 lakhs & you file after 31.12.2018 the penalty amount will be Rs. 1000/-

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Rupesh Raut (ARTICAL ASSISTANT) (28 Points)
Replied 25 December 2018

As per Section 234F of Income tax Act, Late fees for filling of Incme Tax return shall be depends on the Net Income of the Assessee, If Net Income of the Assessee is Less than the Rs. 5,00,000/- then Penalty of Rs 1000 shall be levied otherwise Penalty shall be Rs.10,000/-

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Balram Choudhary (Sr. Accountant) (112 Points)
Replied 25 December 2018

Dear jayaram

Penalty for late filling of ITR for Fy 2017-18

if income is less than 5 lakh - 1000/- either filled your return upto december 31 for march 2019

if income is greater than 5 lakh then penalty is
Rs.5000/- if filled before december 2018. and

Rs.10000/- if filled before marcha 2019

manoj (student) (5205 Points)
Replied 25 December 2018

Penalty for late filling of ITR for Fy 2017-18 if income is less than 5 lakh - 1000/- either filled your return upto December 31 or march 2019 if income is greater than 5 lakh then penalty is Rs.5000/- if filled before December 2018. and Rs.10000/- if filled After December 2018