Penalty on Late filing. when

NO PENALTY ON LATE FILING OF ITR IF YOUR INCOME DOESN'T CROSS THIS LIMIT The penalty you will have to pay From this year, a taxpayer is liable to pay late ITR filing fees of: a) Rs 5,000 if tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2018). b) Rs 10,000 if tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31 (in this case between 1 January 2019 and March 31, 2019). If you are a small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000. This law of levying late filing fees under section 234F was introduced in the Budget 2017 and became effective for financial year 2017-18 or assessment year 2018-19 onward. Assessment year is the year immediately following the financial year for which the ITR is filed. The assessment year for the financial year 2017-18 is 2018-19. Who will not have to pay? Read more at http://starhealthdevarajan.com/news/555 Call 98401 77017 Devarajan for Your Existing/New Insurance Services, needs, Suggestion, Portability Services, Claims Related Services, etc www.starhealthdevarajan.com