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Tuesday, June 12, 2018

Late fee on delay in filing of Income Tax Return for 2017-2018 (Asst. Yr : 2018-19)




LATE FEE ON DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED 31ST MARCH, 2018 (Asst.Yr: 2018-19) under sec. 234F:
1. If Return filed during 01/04/2018 – 31/07/2018 : Late Fee NIL
2. If Return filed during 01/08/2018 – 31/12/2018 : Late fee Rs. 5000
If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs. 1000
3. If Return filed during 01/01/2019 – 31/03/2019 : Late Fee Rs. 10000
If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs. 1000 only.
Better Get your ITR filed by 31/07/2018

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