234F: Late Fee for delay in filing ITR, ITR Filing after Due Date late fee

Rate this post

Section 234F is a provision under the Indian Income Tax Act, which deals with the late filing fee for income tax returns. It applies to individuals who are required to file their income tax returns but fail to do so within the specified due date. The section was introduced to encourage timely filing of returns and to penalize those who file their returns late.

Fee for default in furnishing return of income.

234F. (1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of a fee, a sum of Rs.5000 :

Provided that if the total income of the person does not exceed 5 lakh rupees, the fee payable under this section shall not exceed Rs.1000

(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.

The fee (penalty) will be as follows:

Total IncomeReturn filedFee (Penalty)
Upto Rs. 2.5 LakhAfter 31st July Nil
From Rs. 2.5 – 5 LakhAfter 31st July Rs. 1,000/-
Exceeds Rs. 5 LakhAfter 31st July Rs. 5,000/-

What is Total Income as per Income Tax Act 1961

IT is important to know what is Total Income as many taxpayers are confusion about this:

As per Income tax Act Section 2(45) “total income” means the total amount of income referred to in section 5, computed in the manner laid down in this Act

Practical Course at: www.cagurujiclasses.com

Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Leave a Comment