The last date to file Income Tax Return is 31st July 2018, if someone fails to file their Income Tax Return by the last date, then the taxpayer will have to pay some heavy penalty and file their ITR for the Financial Year 2017-18.
Not every who files the ITR after the due date will have to pay heavy penalty. If you are a taxpayer who has his/her annual income of upto Rs.5Lakh, then the maximum late penalty that you are supposed to pay is Rs.1000. As per the Union Budget 2017 a taxpayer is required to pay some late fee for the late filing of the Income Tax Return, under section 234F. This law was effective from the Financial year 2017-18, which is same as Assessment Year 2018-19.
Who is not required to pay the Tax Penalty?
As per the various tax experts from across the country, the taxpayer whose gross income does not exceed the basic exemption limit, if files a belated return, then in that case the taxpayer will not be liable to pay tax penalty for the relevant Financial Year.
The taxpayer will not have to pay any kind of late fee on the late filing of the Income Tax Return for the Financial Year 2017-18, if he/she does not exceed the basic tax exemption limit. Section 234F focuses on the taxpayers who are liable to pay late filing fees for filing belated income tax return from Section 139 of the Income-tax Act. Section 139(1) of the Act states that the following persons have to mandatorily file the Income Tax Return: (a) a company or a firm/LLP irrespective of quantum of income and (b) any other person only if his total income exceeds the maximum amount not chargeable to tax, which is the basic exemption limit.
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