Section 234F of Income Tax - Late Filing Fees in case of Default in the filing of Income Tax Returns

SECTION 234F - LATE FILING FEE FOR DELAYED FILING OF INCOME TAX RETURN

Every Person whose total income exceeds the maximum amount not chargeable to tax is required to file an Income Tax Return for the Financial year within the due dates as prescribed in the Income Tax Act.

The basic exemption limit is Rs.2.50 lacs in the case of Individuals, HUF, AOP & BOI and there is no basic exemption limit in the case of Partnership firms and Companies.

The Due dates for filing of ITR in respect of any Assessment year are:

(i) 31st July For all assessee not having audits

(ii) 31st. October in the case of audited assessees

The due date can be extended by CBDT based on various circumstances from year to year.

There is a provision for payment of late fees under section 234F of the Income Tax Act if the IT return is not filed within the due date.

As per Section 234F, the late fees for filing ITR are as under :

1. Rs.1000/- if the total income of the taxpayer does not exceed Rs.5 lakhs.

2. Rs. 5000/- in any other case (i.e. total income exceeding Rs.5 lakhs ) if the IT return is filed up to 31st Dec.

   
   

Please note that the Income Tax return for a particular financial year can only be filed up to the 31st December of the next financial year. This also is subject to the condition that CBDT can extend the due date for filing of ITR for any particular year.

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