Fee for delayed filing of return :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 56,57,75& 85 | Fee for delayed filing of return |
234F | Newly Inserted | 01/04/2018 (A.Y. 2018-19) |
If return is not filed within due dates u/s 139(1)
(i) a fee of 5000/- shall be payable, if the return is furnished after the due date but on or before the 31st day of December of the assessment year; (ii) a fee of 10,000/- shall be payable in any other case. However, in a case where the total income does not exceed five lakh rupees, it is proposed that the fee amount shall not exceed Rs.1,000/-. Consequential changes made in Section 140A & Section 143(1) to take effect of Section 234F and Section 271F will not apply in respect of penalty for failure to furnish return of income from assessment year 2018-19. |