Taxpayers who do not file their Income Tax Returns (ITRs) on time will have to shell out a penalty of upto Rs. 10,000, but from the 2018-19 Assessment Year (AY).
"In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to provide that a fee for delay in furnishing of return shall be levied for assessment year 2018-19 and onwards in a case where the return is not filed within the due dates specified for filing of return under sub-section (1) of section 139," the memorandum for the Finance Bill 2017 said.
It specified two levels of penalty in this regard: "A fee of five thousand rupees shall be payable, if the return is furnished after the due date but on or before December 31 of the assessment year and a fee of ten thousand rupees shall be payable in any other case."
However, for small taxpayers or where where the total income does not exceed Rs. five lakh, it is "proposed that the fee amount shall not exceed one thousand rupees."
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