Section - 234F -
Fee for delayed filing of
This is a new provision sought to
be inserted. In order to ensure that the return is filed within the due date
this section provides that a fee for delay in furnishing of return shall be
levied for assessment year 2018-19 onwards in cases where the return is not
filed within the time specified under section 139(1). The fee will be as
Rs.5000/- if the return is furnished
after the due date but on or before 31st December of the assessment
Rs.10000/- in other cases.
the total income does not exceed Rs.5 lakhs, the amount of fee shall not exceed
amendment is made in section 140A to include such fees in determining the
amount payable on self assessment.
amendment is also made in section 143(1) to take into account the fee payable
while determining the amount the amount payable or refundable.
consequence the penalty provided under the existing law under section 271F for failure to furnish the return of income
shall not apply in respect of assessment
year 2018-19 onwards.
amendments will take effect from 1st April 2018 in relation to assessment year 2018-19