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.
As per Section 234F of 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.
(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 Rs. 2.5 Lakh, No late filing Fees applicable.
It applies to all persons, including individuals, HUF, companies, firms, AOP, etc., if the return is filed after their respective due dates.
It can be paid through Challan 280, under the head of “Self Assessment Tax,” from F.Y 17-18 and onwards.
| Total Income | Return Filing Date | Amount of Fees u/s 234F | Reason |
|---|---|---|---|
| 3,40,000 | 30/06/2022 | NA | Return is filed before the due date |
| 2,20,000 | 31/03/2022 | NA | Since, income is below 2.5 lakh. |
| 4,00,000 | Not filed | 1000 | Since, income is below 5 lakh. |
| 8,50,000 | 15/11/2022 | 5000 | Since, income is above 5 lakh. |