06 July 2017
FOR F/Y 16-17 A/Y 17-18 IS THERE ANY PENALTY ON FILING OF RETURN AFTER 31-7-17 AFTER THE DUE DATE FOR AN INDIVIDUAL CAN IT BE FILED IN MARCH 2018
06 July 2017
For the AY 2017-18 ,Income tax officer can levy a penalty of Rs.5000 u/s 271 F, if you file the return after the due date.however it is the sole discretion of the assessing officer.Further Budget 2017 has introduced a new section 234F under which a fee for delay in return filing is required to be paid before filing the return itself.Fee of Rs5,000 shall be payable, if the return is furnished after the due date but on or before December 31 of the assessment year and a fee of Rs10,000 shall be payable in any other case.This section will be applicable from AY 2018-19. From the AY 2017-18 onwards return has to be filed before the end of the relevant assessment year,hence you have to file the return before 31st March 2018
07 July 2017
Penalty u/s 271F can be levied if you file the return after the end of the relevant AY and in your case question of penalty does not arise as you cannot file the return after March 2018.
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