You would be fined for delayed ITR, but not this year

If you were worried about having to pay a penalty for delayed filing of your income tax return, relax!

The said fee, which was announced by the government during the budget session this year, would be applicable with effect from April 1, 2018. Hence, it would not be applied for returns filed for FY2016-17.

The penalty is based on the time period of delay, i.e., if returns are filed after the due date but before the calendar year ends, the penalty would be Rs 5,000, and in case the return is not filed by December 31^st, the penalty would be Rs 10,000.

However, for individuals earning not more than Rs 5 lakh, the penalty would not cross Rs. 1000.