Finance Bill 2017 Proposed a New Section - 234F regarding Fee for delay in filing of Income Tax Return
In view of the non-intrusive information-driven approach for improving tax compliance and effective utilization of information in tax administration, it is important that the returns are filed within the due dates specified in section 139(1). Further, the reduced time limits proposed for making of assessment are also based on pre-requisite that returns are filed on time. In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act to provide that a fee for delay in furnishing of return shall be levied from the assessment year 2018-19 and onwards in a case where the return is not filed within the due dates specified for filing of return under sub-section (1) of section 139. The proposed fee structure is as follows:— i. i. A fee of Rs. 5000 shall be payable, if the return is furnished after the due date but on or before the 31 December of the assessment y...
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