Section - 234F - Fee for delayed filing of return -


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 follows-


1)   Rs.5000/- if the return is furnished after the due date but on or before 31st December of the assessment year.


2)   Rs.10000/- in other cases.


Where the total income does not exceed Rs.5 lakhs, the amount of fee shall not exceed Rs.1000/-


Consequential amendment is made in section 140A to include such fees in determining the amount payable on self assessment.


Consequential amendment is also made in section 143(1) to take into account the fee payable while determining the amount the amount payable or refundable.


As a 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.


These amendments will take effect from 1st April 2018  in relation to assessment year 2018-19 onwards.