Fee for delayed filing of Income Tax Return (Section 234F) !! ITR Filing Course !

Fee for delayed filing of Income Tax Return (Section 234F)
For the timely compliance and filing of Return new Section 234F has been introduced by government which was made effective from F.Y.2017-18.

As per section 234F of the Income Tax Act, if a person is required to file Income Tax Return as per the provisions of the Income Tax Law but does not file it within the prescribed time limit then late fees have to be deposited by him while filing his ITR form. The quantum of fees shall depend upon the time of filing the return and the total income.

Quantum of fees that can be levied under 234F
No late filing Fees applicable in case total income does not exceed Rs. 2.5 Lakh. But in case,
Total income 5 Lakhs & return is filed after the due date, Fee = Rs. 5000
Total income = 5 Lakhs & return is filed after the due date, Fee = Rs.1000.

Persons covered
All persons including individuals, HUF, Company, Firm, AOP etc. will be covered under the scope of Section 234F of Income Tax Act 1961. All persons will be liable to pay late filing fees when the Income Tax Return is filed after their respective due dates.

How to pay 234F Fees
For the payment, one need to select challan no 280 than under type of payment select “Self assessment (300)” and mentioned amount of payment under column “others”.

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Disclaimer: Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither TaxSmooth nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.
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