ITR Filing Deadline Missed? Last chance to claim your tax refund. File Belated Return

Under the Income Tax Act of 1961, every assessee is required to file his/her income tax return on or before the due date prescribed under section 139(1). The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.If a person who is required to file an Income Tax Return (ITR) fails to do so on time, he is subject to a penalty. To see how much money you owe in penalties, use our section 234F calculator.

Late Fees
for FY. 2023-2024 (AY. 2024-2025)
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Contents

What is Sec 234F?

Section 234F of the Income Tax Act is applicable from 1st April 2018. As per Section 234F of the Income Tax Act, if a person is required to file an income tax return (ITR) as per the provisions of income tax law [Section 139(1)] but does not file it within the prescribed time limit, then late fees have to be deposited by him while filing his ITR.
The fee amount shall depend upon your gross total income / total income and the return filing time.

How much fee can be charged under Section 234F?

(A). If your total income is more than 5 Lakhs & return is filed after the due date, the Fee = Rs. 5000
(B). If the total income is less than or equal to 5 Lakhs & return is filed after the due date, the Fee = Rs.1000
(C). If the gross total income does not exceed the exemption limit, no late filing fees applicable.

What is Section 234F applicability?

It applies to all persons, including individuals, HUF, companies, firms, AOP, etc., if the return is filed after their respective due dates.

How to pay the penalty under Section 234F?

It can be paid through Challan 280, under the head of “Self Assessment Tax,” from F.Y 17-18 and onwards.

Example on the quantum of fee that would be payable u/s 234 F of income tax act for FY 2023-24:

Total Income Return Filing Date Amount of Fees u/s 234F Reason
3,40,000 30/06/2024 NA Return is filed before the due date
2,20,000 29/11/2024 NA Since, income is below 3 lakh.
4,00,000 Not filed 1000 Since, income is below 5 lakh.
8,50,000 15/11/2024 5000 Since, income is above 5 lakh.

FAQs

Q If I don't file my Income Tax Return after paying all the due taxes then what would be the consequences?

Even after the payment of taxes if you don’t file your IT returns then the IT department may issue a notice of non-compliance after the end of the relevant assessment year and late filing fees will be levied u/s 234F.

Q My income is 4,50,000 and if I file my return after the due date(i.e. 31st July); then what would be the amount of fees u/s 234F which has to be paid at that time?

As per section 234F the amount of fee u/s 234F shall be Rs.1000 where income is below Rs. 5,00,000.

Hence, in your case, the quantum of fees/penalty shall be Rs. 1000 if you file it after July 31st.

Q If I have filed the Return but not e-verified will the penalty under section 234F would be levied?

Yes, not verifying the ITR is deemed as you have not filed your ITR and if you have not filed your ITR within the deadline, you shall be liable to pay the penalty as per your salary slab.

Q I have income from salary only, and the TDS is done by my employer. Will I still have to pay late fees under 234F?

Yes, fee under section 234F shall be levied if TDS has been deducted by your employer and your salary is more than the basic exemption limit.

Q I am a retired person, and have income from Bank Fixed Deposit only. TDS has already been deducted by the bank. Do I still need to pay a fee under section 234F?

Yes, fee under section 234F shall be levied even if TDS has been deducted by the bank and your total income is more than the basic exemption limit.

Q My income is Rs. 350,000 and I am availing deduction u/s 80C of amounting Rs. 1,50,000. So, my income after deduction comes to Rs. 2,00,000 then whether section 234 F of income tax act 1961 will still be leviable in my case?

Yes, penalty under Section 234F would be leviable in your case. In your case, you are required to file ITR as per law because your income before deductions is above the basic exemption limit. Therefore, if you file the belated return then sec 234F shall be applicable. Late Fees of Rs. 1000 shall be applicable in your case.