NO LATE FEES FOR LATE FILING OF INCOME TAX RETURN UP TO 31ST DECEMBER

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BY THE FINANCE ACT 2017 ,  U/S 234F LATE FEES OF RS. 5,000/- IS LEVIED IN CASE RETURN IS FURNISHED AFTER THE DUE DATE PRESCRIBED U/S 139(1) OF I T ACT , BUT ON OR BEFORE 31ST DECEMBER OF THE RELEVANT ASSESSMENT YEAR AND RS. 10,000/- , IN OTHER CASES . HOWEVER , IT IS PROVIDED TO RESTRICT AFORESAID FEES TO RS. 1,000/-. WHERE TOTAL INCOME DOES NOT EXCEED FIVE LAKH RUPEES. 

HOWEVER BEFORE IMPOSING LATE FEES GOVT. SHOULD CONSIDER THESE POINTS . ------

1. CBDT/GOVERNMENT HAS FAILED TO ISSUE ITR SCHEMA / ITR FORMS FOR  AY 2018-19 TILL 8TH MAY . SO THERE IS LITTLE TIME LEFT TO SUBMIT THE RETURNS. THIS IS FAILURE ON PART OF GOVERNMENT AND TIME SHOULD BE EXTENDED .

2. THAT BANKS AND OTHER ENTITIES DEDUCTING TAX ( TAX DEDUCTED AT SOURCE ) UNDER VARIOUS SECTIONS OF INCOME TAX ACT DOES NOT COMPLY AND REPORT THE TDS WITH IN PRESCRIBED TIME . THEY USE TO FILE/AMEND TDS RETURNS TILL DECEMBER NORMALLY . THEREFORE IN ABSENCE OF CORRECT INFORMATION , IT IS NOT POSSIBLE TO SUBMIT CORRECT RETURN AND FILING OF INCORRECT RETURN WILL ONLY ADD TO LITIGATION AND WASTAGE OF TIME AND RESOURCES . GOVERNMENT SHOULD STRENGTHEN TDS REPORTING SYSTEM AND THEN SUCH AMENDMENTS BE MADE .

I REQUEST HON' FINANCE MINISTER TO CONSIDER ABOVE POINTS AND PROVISIONS OF LATE FEES SHOULD BE ABOLISHED  FOR AY 2018-19 OR NO LATE FEES SHOULD BE IMPOSED ON RETURNS SUBMITTED TILL 31/12/2018 .

                                                      JASVINDER SINGH ARORA                                                                                         TAX CONSULTANT

 

 

 

 

 



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