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Penalty of rs 5,000 & rs 10,000

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(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. ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 April 2017 From assessment year 2018-19 and on wards per section 234F.
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CA Gopal Somani

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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.
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
07 April 2017 Thank u Mr Gopal Somani yrs tarique rizvi 982 1630 130
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
07 April 2017 Thank u Mr warrier for your guidelines yrs tarique rizvi 982 1630 1300
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