Last updated on July 28th, 2022 at 10:34 am
Section 234F Fee for default in furnishing ITR
Section 234F of Income Tax Act 1961 (Inserted vide Finance Act 2017) (Amended vide Finance Act 2021)
⇒ If the taxpayer fails to furnish the return of income within the prescribed due date under section 139(1) then a fee/penalty for default in furnishing the return of income under section 234F shall be levied.
⇒ If the taxpayer is not liable to file a return of income and is filing the return of income on a voluntary basis then a penalty under section 234F will not be levied.
⇒If the taxpayer files the return of income within the prescribed due dates or extended due dates then a penalty under section 234F will not be levied.
Quantum of fee/penalty under section 234F
If the taxpayer files the return of income after the prescribed due dates or after the extended due dates then a penalty under section 234F will be levied.
[su_table]
|
Gross Total Income |
Late Fees u/s 234F |
| Upto Rs 2,50,000/- |
Nil |
|
Above Rs. 2,50,000/- & upto Rs. 5,00,000/- |
Rs 1,000/- |
| Above Rs. 5,00,000/- |
Rs 5,000/- |
[/su_table]
Note: The amendments made in Finance Bill 2021 are effective from Assessment Year 2021-22 and onwards.
Due dates for furnishing return of income prescribed u/s 139
[su_table]
|
Section |
Return of Income | Before the amendment of Finance Bill 2021 |
After the amendment of Finance Bill 2021 |
|
Sec 139(1) |
Taxpayers who are not required to get books of accounts audited u/s 44AB |
31st July of relevant AY | 31st July of relevant AY |
| Taxpayers who are required to get books of accounts audited u/s 44AB | 31st October of relevant AY |
31st October of relevant AY |
|
|
Taxpayers to whom provisions of transfer pricing are applicable |
30th November of relevant AY | 30th November of relevant AY | |
|
Sec 139(4) |
Belated Return | 31st March of relevant AY |
31st December of relevant AY |
| Sec 139(5) | Revised Return | 31st March of relevant AY |
31st December of relevant AY |
[/su_table]
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