₹10,000 fine for late filing of income tax returns: Jaitley
Finance Minister Arun Jaitley in the budget proposed up to ₹10,000 penalty for delayed filing of income tax returns. If income tax return is furnished after due date but till December 31 of assessment year, there'll be a ₹5,000 fine, while in other cases it'll be ₹10,000. However, if income doesn't exceed ₹5 lakh, the amount shall not exceed ₹1,000.