Sec 234F introduced in Budget 2017, will be applicable for the returns of F.Y 17-18 and onwards. As per this section, a person has to mandatorily pay late fees , if he files his return after the due date.It will ensure timely filing of returns of income. Use our calculator to know if you are liable to pay late fees and if yes, then it will help you to calculate its amount.
As per Section 234F, if a person is required to file 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 has to be deposited by him while filing his ITR.
The amount of fee shall depend upon your total income and the return filing time.
(A). If your total income is more than 5 Lakhs & return is filed after due date, Fee = Rs. 5000
(B). If the total income is less than or equal to 5 Lakhs & return is filed after the due date, Fee = Rs.1000.
(C). If the total Income does not exceed Rs. 2.5 Lakh, No late filing Fees applicable.
It applies on all persons including Individual, HUF, Company, Firm, 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 | 30/06/2021 | NA | Return is filed before 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 | 15/11/2021 | 5000 | Since, income is above 5 lakh. |