Section 234F of income tax act states fee for default in furnishing return of income if return is not filed on due date specified u/s 139(1).
Content
1.What is section 234F of income tax act?
2.What is the fee for default in furnishing the return of income under section 234F?
3.What is last date to file Income tax Return?
4.Frequently asked questions
1.What is section 234F of income tax act?
Fee for delay in filing return of income shall be levied from assessment year 2018-19 under section 234F, if the return of income is not filed within due dates given under section 139(1).
Further, section 234F prescribes late filing fee or penalty for delay in filing income tax return in India. Non-filing of return within specified time under section 139(1) will attract provisions of section 234F of income tax act.
In brief, if a person who is required to file return of income as per provisions the income tax law .But does not file with prescribed time limit then late filing fee has to be paid at the time of filing income tax return.
2.What is the fee for default in furnishing the return of income under section 234F?
The amount of fee shall depend on total income and date of filing return. Amount of fee
under section 234F is as follows:
| Total Income | Date of filing return | Amount of Fee |
| If total Income is above Rs. 5,00,000 | After 31st july till 31st december | Rs. 5,000 |
| If total Income is above Rs. 5,00,000 | After 31st december till 31st march | Rs. 10,000 |
| *If total Income is from Rs. 2,50,000 to 5,00,000 | N.A. | Rs. 1,000 |
| If income is below the basic exemption limit says Rs. 2,50,000 | N.A. | No late filing fee |
*If total income is less than or equal to Rs. 5,00,000 then the fee payable shall not exceed Rs. 1,000.
3.What is last date to file Income tax Return?
a) In case of a company and Individual ,HUF, Firm, AOP, BOI, AJP, Local Authority and other assessee whose books of accounts are subject to audit – the due date of furnishing income tax return is 31st october of relevant assessment year.(i.e. for assessment year 2022-23 due date is 31st oct 2023)
b) And In case of Individual ,HUF, Firm, AOP, BOI, AJP, Local Authority and other assessee whose books of accounts are not subject to audit – the due date of furnishing income tax return is 31st july of relevant assessment year.(i.e. for assessment year 2022-23 due date is 31st Jul 2023).
c) Assessee who is required to furnish report of transfer pricing u/s 92E – he due date of furnishing income tax return is 30th Nov of relevant assessment year.(i.e. for assessment year 2022-23 due date is 30th Nov 2023).
Refer:https://taxandfinanceguide.com/section-1391-of-income-tax-act/#comment-49
4.Frequently asked questions
1.What is section 234F of income tax act?
Fee for delay in filing return of income shall be levied if the return of income is not filed within due dates given under section 139(1). Late filing fee is Rs. 5,000 if return if furnished after 31st july till 31st december.
And if total income is less than or equal to Rs. 5,00,000 then the fee payable shall not exceed Rs. 1,000.
2.If my total income is Rs. 2,40,000 do i need to pay late filing fee?
No,
If income is less than or equal to Rs. 2,50,000 , than no late filing fee.
3.My income is 7,50,000 and if I file my return after the due date ,So at that time how much fee will have to be paid under section 234F?
As your income is above Rs. 5,00,000 and therefore according to the provision of section 234F late filing fee is Rs. 10,000 if filed after 31st december till 31st march.
4. If ITR is furnished but not e-verified than will the penalty u/s 234F would be levied or not?
Yes, if ITR is not verified it will be treated as you have not filed your ITR and if you have not furnished your ITR within the due date , you will be liable to pay penalty as per your income slab.
