Penalty of rs 5,000 & rs 10,000
This query is : Resolved
TARIQUE RIZVI
(Querist)
06 April 2017
Would anybody let me know as from which assessment year exactly penalty of Rs 5,000 & 10,000 shall be levied on late filing of income tax return ? Can it be waived off. ?
06 April 2017
From assessment year 2018-19 and on wards per section 234F.
CA Gopal Somani
(Expert)
07 April 2017
From assessment year 2018-19
If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.
However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.
If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.
However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.
TARIQUE RIZVI
(Querist)
07 April 2017
Thank u Mr Gopal Somani yrs tarique rizvi 982 1630 130
TARIQUE RIZVI
(Querist)
07 April 2017
Thank u Mr warrier for your guidelines yrs tarique rizvi 982 1630 1300
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