Presenting the 2017-18 Union Budget, Finance Minister Arun Jaitley proposed a penalty of up to Rs 10,000 in case of a delayed filing of income tax returns. If income tax return is furnished after due date but till December 31 of the assessment year, there'll be a Rs 5,000 fine, while in other cases it'll be Rs 10,000. However, if income doesn't exceed Rs 5 lakh, the amount shall not exceed Rs 1,000.