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If I fail to furnish my return within the due date, will I be fined or penalized?
If I fail to furnish my return within the due date, will I be fined or penalized?
Ahana
Answered on January 02,2020
Answered on January 02,2020
Yes, if a person is required to furnish a return of income under section 139? and fails to do so within the time prescribed in sub-section (1), you will have to pay interest on tax due. W.e.f. the assessment year 2018-19, the fee as per section 234F is required to be paid if the return is furnished after the due date. Fee for default in furnishing return of income will be as follows:
Rs. 5000 if the return is furnished on or before the 31st day of December of the assessment year;
Rs. 10,000 in any other case
However, the late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.
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