What is the amount of fees that can be levied under 234F by the Income Tax?
The quantum of fees that can be levied under section 234F of income tax act 1961 for FY 2018-19(AY 2019-20) filing is as under :
(i) If the return is furnished after 31st August but on or before the 31st day of December of the assessment year - Rs. 5000 (i.e 31st August, 2019 and 31st Dec, 2019 for FY 2018-19)
(ii) If the return is furnished after 31st December of the assessment year (1 Jan - 31st March) - Rs. 10,000
Important Notes :
- If the Total Income i.e. Income after deduction is less than or equal to five lakh rupees, then, in that case, the fee amount shall not exceed Rs. 1000.
- No penalty shall be levied in case Gross Total Income i.e. Income before deductions does not exceed maximum income not chargeable to tax i.e
Rs. 2,50,000 for normal citizen (age < 60),
Rs. 3,00,000/- for senior citizens (age 60 or above) and
Rs. 5,00,000/- for super senior citizens ( age 80 or above).
Example : A is a super senior citizen. His Gross Total Income for F.Y. 2018-19 is Rs. 4,95,000/-.He is filing a late return. Whether late filing fees be levied?
In the above case, late filing fees u/s 234F shall not be levied since A is a super senior citizen and his GTI does not exceeds basic exemption limit.