Pay a fine if you file I-T return late

Govt has ensured that fine is not too burdensome for those whose income does not exceed Rs 5 lakh

If you have been lax about filing your income tax return by the due date, then you may have to mend your ways from this year onward. The Budget has introduced a fine for delayed filing of tax returns. 

The fine will be levied as follows: If you file the return after the due date but on or before December 31 of the assessment year, you will be liable for a fine of Rs 5,000. 

In case you file the return even later, the fine payable will rise to Rs 10,000. 

The government has, however, ensured that the fine is not too burdensome for those whose income does not exceed Rs 5 lakh. In their case, the fine will not exceed Rs 1,000.