SEC 234F - Fee For Default In Furnishing Income Tax Retruns
Penalty for income tax return under section 234F has been introduced with effect from FY 2017-18 .
Section 139(5) gives a provision to revise the income tax returns as a response to any notice or if he discovers any omission or wrong statement in the filing of the income tax returns .
The returns could previously be revised from the end of relevant assessment year or before the completion of the assessment , whichever is earlier .
For example , if the returns were filed for FY 2016-17 , then an assessee could revise the returns until the end of one year from AY 2017-18 i.e. till the 31st of March 2019 .
However , with effect from 1st April 2018 , a person filing the returns starting from FY 2017-18 can only revise the returns till the end of the relevant assessment year .
For example , if a person has filed the income tax returns for FY 2017-18 , he has an option to revise the income tax returns only till the end of the relevant assessment year i.e. only until 31st of March 2018 .
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Ankit C Shetty