After section 234E of the Income-tax Act, Section 234F has been inserted with effect from the 1st day of April, 2018. (Applicable for returns file from Assessment Year 2018-19 and onwards)
Fees for default in furnishing return of income – where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of 234F, he shall be liable to pay penalty as follows:
Who is required to file Income Tax Returns?
It is mandatory for the persons belonging to following categories to file Income Tax Returns:
It is wise to file your ITR annually and avoid penalties, as any appeals made cannot be heard as there are no provisions to consider for reasonable delay in filing of ITR. Therefore, it is better to be on time, than late in this case.
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