Fee for delay in filing of Income-Tax Return

With the insertion of new Section 234F under Income-Tax Act, 1961, it is levied a fee for delay in filing the Income-Tax return for the Assessment year 2019-20 (FY 2018-19). Any person who is earning Salary, Pension or any other income who have not filed their Income-Tax return for the FY 2018-19 shall file by paying a fee of Rs.5,000 before Dec. 31. After 31st, they shall have to pay Rs.10,000 as fee for default in furnishing return of Income. However, the fee payable is restricted to Rs.1,000 for small tax payers whose total income of Rs. 5 lakh is arrived after allowing all deductions. For more information reference may be made to the provisions of the Income-Tax Act, 1961, the Income-Tax Rules, 1962, relevant circulars and/or notifications, according to a press release from N.D. Shreenivaas of Bhavani Associates, Mysuru.