Penalty on the Late filling of Income Tax Return "Section 234F"

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.

Penalty on Late filling of Income Tax Return


E-Filling Date Total Income below Rs. 5,00,000/- Total Income above Rs. 5,00,000/-
Before 31-07-2018 0/- 0/-
Between 01-08-2018 to 31-12-2018 1000/- 5000/-
Between 01-01-2019 to 31-03-2019 1000/- 10000/-

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