Budget 2017 proposes a penalty for delayed filing of income tax return
PrintListen to this Article
“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 not filed within the due dates specified for filing of return under sub-section (1) of section 139,” the memorandum for the Finance Bill 2017 said.
It specified two levels of penalty in this regard: “A fee of Rs5,000 shall be payable, if the return is furnished after the due date but on or before December 31 of the assessment year and a fee of Rs10,000 shall be payable in any other case.”
However, for small taxpayers or where the total income does not exceed Rs5 lakh, it is “proposed that the fee amount shall not exceed Rs1,000.” The memorandum said the decision was being taken “in view of the non-intrusive information-driven approach for improving tax compliance and effective utilisation of information in tax administration it is important that the returns are filed within the due dates.”
Further, it added that the “reduced time limits proposed for making of assessment” of I-T cases, as proposed in the latest Finance Bill, are also based on pre-requisite that returns are filed on time.”
“These amendments will take effect from April 1, 2018 and will accordingly apply in relation to assessment year 2018-19 and subsequent years,” it said.#casansaar (PTI - Live Mint(
Category : Budget | Comments : 0 | Hits : 1852
The budget for 2026-27 is likely to be presented on February 1, the first, in recent memory, to be presented on a Sunday. The budget session may start from Jan 28 with the President’s speech. Though the final call on the date will be taken by the cabinet committee on parliamentary affairs (CCPA) on Wednesday, TOI has learnt that govt may continue with the tradition of presenting the budget on February 1. Since 2017, govt has been presenting the budget at 11 am on February 1 and forme...
“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in the Parliament today. To ensure continuity in taxation, the Union Finance Minister proposed to extend certain tax benefits to start-ups and investments m...
Highlights of the Interim Union Budget 2024-25
With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament, today. The key highlights of the Budget are as follows: Part A Social Justice Prime Minister to focus on upliftment of four major castes, that is, ‘Gari...
Nirmala Sitharaman participated in the pre-budget halwa ceremony. The traditional 'halwa ceremony', marking the final stage of the preparation process for interim Union Budget 2024, was held this evening at the Union Finance Ministry headquarters at North Block in Delhi. Union Finance Minister Nirmala Sitharaman was seen unwrapping a huge iron wok which had halwa in it and distributing it to the officials of the ministry. Ms Sitharaman was seen stirring the halwa before serving it to ...
Summary of Union Budget 2022-23
India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies. The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s strong resilience. This was stated by Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman while presenting the Union Budget in Parliament today. The Fi...
Comments