Fee for Late Filing of Income Tax Return – From A.Y. 2018-19 (Sec 234F)

If Return of Income is not filed within due date given u/s 139(1), a fee shall be levied u/s 234F as per below details:

• If Return of income is filed before 31st December of the relevant A.Y. - Rs. 5,000/-
• In any other case - Rs. 10,000/-

However, in a case where total income does not exceed Rs. 5,00,000/-, the maximum fee for late filing shall be Rs. 1,000/-.

Consequentially Sec 271F (Penalty for failure to furnish return of income) amended as follows:

In section 271F of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2018, namely:—

"Provided that nothing contained in this section shall apply to and in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.".