Penalty for late filing
Nikhar Parpyani (Student) (51 Points)
23 July 2019
What are the penalties in case of late filing of ITRs??Also the last date upto which it can be filed?
1 Replies
Harsh Mishra
(B.com)
(324 Points)
Replied 23 July 2019
The quantum of fees that can be levied under section 234F of income tax act 1961 is as under :
(i) If the return is furnished after 31st August but on or before the 31st day of December of the assessment year - Rs. 5000 (i.e 31st August, 2018 and 31st Dec, 2018 for FY 2017-18)
(ii) If the return is furnished after 31st December of the assessment year - Rs. 10,000
However, if the Total income i.e. Income after deduction is less than or equal to five lakh rupees, then, in that case, the fee amount shall not exceed Rs. 1000.
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