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my total annual income is 270000 Rupees in FY 2017-18 should I also pay the penalty after submitting ITR after 31st July
Replies (2)
yes you have to pay late fee of RS. 1000/-
Yes sir if u r not filing return on or before 31/07/2018 u have to pay penalty amount of Rs.1,000 /-.
234F. Fees for default in furnishing return of income.—(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of,—
| (a) | five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; | |
| (b) | ten thousand rupees in any other case: |
Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
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