Penalty on the Late filling of Income Tax Return: "Section 234F"New penalty for late filing of Income Tax Return (ITR) under section 234F is Introduced in Budget 2017.
Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who fails to file ITR before 3107-2018 then he is liable to a penalty as follows.
LATE FILING PENALTY DETAILS
|E-Filling Date||Total Income below Rs. 5,00,000/-||Total Income above Rs. 5,00,000/-|
|Between 01-08-2018 to 31-12-2018||1000/-||5000/-|
|Between 01-01-2019 to 31-03-2019||1000/-||10000/-|