Income Tax Act, 1961 specifies different due dates for furnishing of return of income by various assessees. If an assessee fails to file its return within the prescribed due date, it has to face the various consequences prescribed in the Income Tax Act, e.g., payment of interest under sections 234A, 234B, 234C, denial of carryover of loss and deductions, etc. One of the consequences is a penalty imposable under section 271F The Finance Bill, 2017 proposes that in case of delay in furnishing of return of income, assessee shall also be liable to pay fee for delay in furnishing of return of income along with the tax and interest payable, if any.
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