Late Fee for filing ITR Sec 234F of Income Tax

Hello Friends,

My this blog is related to tell you about Late Fee for Filing Income Tax Return u/s 234F of Income Tax Act, 1961.


New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onward. 

If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable to a penalty as follows:

Amount of Penalty

  • For person with Total Income of more than Rs. 5,00,000

    1. If ITR is filed on or before 31st December following the last date – Rs. 5,000
    2. If ITR is filed after 31st December – Rs. 10,000

  • For person with Total Income of less  than Rs. 5,00,000 – Rs. 1,000
  • Penalty is not applicable if ITR is filed before due date but verification is done after the due date.
  • If your income is below taxable limit then you won't have to pay it even if you file after the deadline.

I hope it will be helpful to you. 

Thanks & Regards

Kulvinder Kaur

B.Com(H), MBA (Finance)

9871580806,8826566751

rightsteptoinvest@gmail.com

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