Rs 10,000 penalty for late filing of income tax returns

As with the presentation of the Union Budget 2017, Finance Minister Arun Jaitley has made it easier for the small tax-payers, the budget has however proposed a fee for delayed filing of income tax return. If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.

However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.

Source- The Financial Express
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