A new Section 234F has been inserted to Income tax Act, 1961 with Effect from Financial Year 2017-18 (Assessment Year 2018-19).
The due date for filing income tax return for salaries persons and those who are not liable to get their account audited was 31.08.2018. For Assessees of flood affected state of Kearala, the due date for filing Income Tax Return has been extended to 15.09.2018.
As per section 234F of the Income Tax Act, 1961, all those assessees who has not filed income tax return before due date are liable to pay fee/penalty under Section 234F of the Income tax Act, 1961 calculated as under:
| Total Income | Return filing date | Penalty (Fee) |
| Upto Rs. 5 Lakhs | After due date | Rs. 1,000/- |
| Above Rs. 5 Lakhs | Return filed on or before 31st December of the Assessment year but after due date | Rs. 5,000/- |
| In Any Other Case | Rs. 10,000/- |
New inserted provision under the act is as under:
"76. After section 234E of the Income-tax Act, the following
section shall be inserted with effect from the 1st day of
April, 2018, namely:-
"234F. Fees for default in furnishing return of income.-(1)
Without prejudice to the provisions of this Act, where a
person required to furnish a return of income under section
139, fails to do so within the time prescribed in
sub-section (1) of said section, he shall pay, by way of
fee, a sum of,-
(a) five thousand rupees, if the return is furnished on or
before the 31st day of December of the assessment year;
(b) ten thousand rupees in any other case:
Provided that if the total income of the person does not
exceed five lakh rupees, the fee payable under this section
shall not exceed one thousand rupees.
(2) The provisions of this section shall apply in respect of
return of income required to be furnished for the assessment
year commencing on or after the 1st day of April, 2018."
What are the Definitions under Income Tax 1961? Section 2 of Income Tax Act 1961
What is Previous Year? What is Charge of Income tax? Section 3 and 4 of Income Tax Act 1961
What is Dividend income? Section 8 of Income Tax Act 1961
What is Income deemed to accrue or arise in India? Section 9 of Income Tax Act 1961
What are the Incomes not included in total income? Section 10 of Income Tax Act 1961
What is Meaning of computer programmes in certain cases? Section 10BB of Income Tax Act 1961
What is Income of trusts or institutions from contributions? Section 12 of Income Tax Act 1961
What is Conditions for applicability of sections 11 and 12? Section 12A of Income Tax Act 1961
What is Procedure for registration? Section 12AA of Income Tax Act 1961
What is Section 11 not to apply in certain cases? Section 13 of Income Tax Act 1961
What is Salaries? What are Deductions from salaries? Section 15 and 16 of Income Tax Act 1961
What is Salary, perquisite and profits in lieu of salary? Section 17 of Income Tax Act 1961
Section 22 to 35E of Income Tax Act 1961
Section 36 to 44 DB of Income Tax Act 1961
Section 45 to 54H of Income Tax Act 1961
Section 55 to 80 of Income Tax Act 1961
Section 80ab to 80hhe of Income Tax Act 1961
Section 81 to 92 of Income Tax Act 1961
Section 92A to 112 of Income Tax Act 1961
Section 113 to 115JF of Income tax Act 1961
Section 115JG to 115WM of Income tax Act 1961
Section 116 to 134 of Income tax Act 1961
Section 135 to 150 of Income Tax Act 1961
Section 151 to 160 of Income Tax Act 1961
Section 161 to 180 of Income Tax Act 1961
Section 181 to 200A of Income Tax Act 1961
Section 201 to 230 of Income tax Act 1961
Section 231 to 250 of Income tax Act 1961
Section 251 to 270 of Income Tax Act 1961
Section 271 to 198 of Income Tax Act 1961
Income tax Rate in India FY 2018-19
NRI Payment TDS Rates FY 2018-19
Income Tax Rate FY 2017-18 India
TDS Rate FY 2017-18, AY 2018-2019
India Income Tax Rates FY 2016-17
Income Tax Exemptions for FY 2016-17
TDS Rates FY 2016-17 AY 2017-18
World Tax Rates, Slabs - FY 2016-2017
TDS on Sale of Property Form 26QB