Section - 140A - Fee for delayed filing of return –
A provision is sought to be
inserted to provide a fee for delay in furnishing the return from the
assessment year 2018-19 onwards if the return is not filed within the due dates
under section 139(1). The provision will not be applicable where the total
income does not exceed Rs.5 Lakhs. A consequential amendment is proposed to be
made in section 140A to provide that in case of delay in furnishing the return
fees for delay shall also be payable alongwith tax and interest.
The amendment will take effect
from 1st April 2018 relevant to assessment year 2018-19.