ITR-1 is required to be filed by taxpayer for individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
As the due date of filing of Income Tax Return for the Assessment Year 2018-19 is 31st July 2018 for the individual not liable to Tax Audit under the Income Tax Act,1961. Recently government has notified ITR Forms in PDF Format for all type of assesses. Now taxpayer can able to file ITR 1 as the facility to file Income Tax Return for ITR-1 is now available on the portal.
Late fees for filing of Income Tax Return after the due date is as under:
A new section 234F has been inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
The fee to be levied is based on the time period of delay which is as follows:
(i) A fee of Rs 5,000 in case returns are filed after the due date but before the December 31 of the relevant assessment year or
(ii) Rs. 10,000 in case it is after December 31 of the relevant assessment year.
However, as a relief to the taxpayers earning not more than Rs 5 lakh the maximum penalty will be Rs. 1000