Section 234F of Income Tax Act pertains to the penalty for late filing of Income Tax Return (ITR). It was introduced to encourage taxpayers to file their returns within the specified due dates.
Here are the key points of Section 234F:If an individual fails to furnish the ITR within the due date specified under section 139(1), a late filing fee is levied under section 234F.
Section 234F applies to individuals who are required to furnish an ITR under section 139(1). This includes individuals, Hindu Undivided Families (HUFs), and other entities as specified.
The late filing fee under section 234F depends on when the return is filed:
If the return is filed after the due date but on or before December 31 of the assessment year, a fee of Rs. 5,000 may be levied.
If the return is filed after December 31 of the assessment year, a fee of Rs. 10,000 may be levied.
However, if the total income does not exceed Rs. 5 lakh, the maximum late filing fee cannot exceed Rs. 1,000.
Section 234F does not apply if the taxpayer's total income does not exceed the basic exemption limit, or if the taxpayer is a senior citizen (aged 60 years or above) and files the return within the specified due date.
Section 234F came into effect from April 1, 2017, onwards, and it applies to the assessment year 2018-19 and subsequent years. This was all about 234F Income Tax Act.
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What is Section 234F of Income Tax Act?
ankur
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9 months
2024-03-29T17:24:47+00:00 2024-03-29T18:29:06+00:00Comment
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