Delay In Filing Income Tax Return To Attract Penalty Up To Rs 10,000

New Delhi: Taxpayers who do not file their Income Tax Returns (ITRs) on time will have to shell out a penalty of upto Rs 10,000, but from the 2018-19 Assessment Year (AY). "In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to provide that a fee for delay in furnishing of return shall be levied for assessment year 2018-19 and onwards in a case where the return is...