Fees for late filing of return. [Section 234F]
*Applicable for ITR 1 to 7.
*Section 271F was omitted by the Finance Act, 2017.
*Finance Act, 2017 levies a new fee if assessee does not furnish the
return of income on the due dates prescribed under Section 139(1) as under:
· *Rs.5,000/– If return furnished after due date
but before 31 Dec of AY-18-19.
· *Rs.10,000/- In any other case.
· *Rs.1,000/- In case income is less that Rs.5
Lakhs.
*Mandatory penalty to be paid - assessees shall now be required to pay
the late filing fees under section 234F along with interest under section 234A,
234B and 234C before filing of return of income.
*A new row is added to enable the assessee to fill the details of late
filing fees.
