The penalty for late filing of income tax returns starts next year.
In this year’s budget, the Govt. introduced a max. penalty of Rs. 10,000 for late filing.
The new rule is applicable with effect from 1st April, 2018. Next year, guys!
Yes! The rule won’t apply for FY16-17 for which the deadline is 31st July, 2017.
Pay Rs. 5,000 if returns are filed by 31st Dec of the relevant assessment year. Rs. 10,000 post that.
Of course! The penalty will not cross Rs. 1,000 for those earning up to Rs. 5 lakhs.
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