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not file it Fy 2017-18

Akash Keshri (57 Points)

05 January 2019

my turnover is above 10cr
and my it is not given now
what is the late fee of this it return...
as new rules

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3 Replies

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 05 January 2019

In case your Total Income is above 5L, you have to pay fine of Rs 10,000/- as per sec 234F of Income Tax Act

1 Like

Nitesh bind (Student CA Final ) (12692 Points)
Replied 05 January 2019

If your ITR is not filed then You are liable to Penalty u/s 234F of Rs. 10,000/-.

Your audit report is also not filed then you will be liable to Penalty u/s 271B of 1/2% of Turnover subject to maximum of Rs. 1,50,000/-

5 Like

Sumit Sarswat (Student) (3154 Points)
Replied 05 January 2019

The maximum penalty which can be charged is Rs. 10,000. If you file your ITR after the due date (31st August 2018) but before 31st December 2018, a penalty of Rs 5,000 will be levied. For returns filed later than 31st December 2018, the penalty levied will be increased to Rs 10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1,000.