What’s the penalty fee for late ITR filing?


What’s the penalty fee for late ITR filing?


As per the provisions of the IT act, if you are filling your ITR after the stipulated deadline you can be levied a penalty under Section 271F of the IT act. The tax officer reserves the right to consider your delayed ITR and may impose a penalty of as high as Rs. 5000 for failing to file your tax return on time.


Hi Nisa,

A delay in filing ITR can attract penal charges and in some cases legal action too. It’s important to note that as per Budget 2017 a person will be fined Rs. 5,000 if s/he does not file returns by the 31 July due date. This amount will be doubled to Rs. 10,000 if a person doesn’t file returns by 31st December of the assessment year. These new penalties are applicable from assessment year 2017-2018. For small income individuals, people who earn up to Rs. 5 lakhs, the late fee will not exceed Rs.1,000.

The penalty fee was discretionary earlier but Budget 2017 has made it a mandatory levy on all who delay filing their returns. If during assessment it is found that a person had wilfully delayed filing returns then s/he can be subject to imprisonment as well.

BB Expert