Worried penalty for delayed Income Tax Return filing:- (Prem Shankar Mishra)

It may be recalled that Finance Minister Arun Jaitley had in his Budget announcement in February this year proposed that a maximum fee amount of Rs 10,000 will be levied for delay in filing of return.

In order to ensure that income tax return is filed within the due date, the Budget had proposed to insert a new section 234F in the Income Tax Act.

With the due date for filing income tax return for Financial Year 2016-17 approaching fast, taxpayers are in a hurry to file their tax return. More because most of them are worried that they will be fined by the Income Tax Department if they fail to file their ITR on time. It may be recalled that Finance Minister Arun Jaitley had in his Budget announcement in February this year proposed that a maximum fee amount of Rs 10,000 will be levied for delay in filing of return.

However, while filing of return on time is highly recommended, you need not worry for late filing now as this fee is not applicable for returns filed for FY2016-17 or AY2017-18. This enhanced fee will be applicable from 1st April, 2018 and, accordingly, apply in relation to Assessment Year 2018-19 and onwards.