A new section has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18).
Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing of return was levied at the discretion of Assessing Officer. But now, the same is payable before filing of Income-tax return.
Where a person is required to furnish a return of income u/s 139, fails to do so within the time prescribed u/s 139(1), then he shall be liable to pay a sum of –
Provided that if the total income of the Assessee does not exceed five lakh rupees, the fee payable shall not exceed one thousand rupees.
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