If I fail to furnish my return within the due date, will I be fined or penalized?

​​​​​​​​Yes, if a person who is required to furnish a return of income under section 139 and fails to do so within time prescribed in sub-section (1) , you will have to pay interest on tax due. W.e.f. assessment year 2018-19, fee as per section 234F is required to be paid if return is furnished after due date. Fee for default in furnishing return of income will be as follows:

  1. Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year;
  2. Rs. 10,000 in any other case

However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.

Leave a Reply

Your email address will not be published. Required fields are marked *