- Section 234F came into effect from 1st April, 2018
- Maximum amount of late fee w.e.f. 1st April, 2021 is ₹5,000
Table of Contents
Introduction
Government introduced Section 234F in Finance Bill, 2017 to impose late fee on filing of Income Tax Return after the due date as specified under section 139(1). The primary reason to introduce this section was to create a discipline among taxpayers to file their returns on time. This section came into effect from 1st April, 2018.
Due Date for Filing Income Tax Return
Section 134(1) – Due date for Filing Income Tax Return for different types of assessess is as follows:
- where the assessee is—
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force [or the spouse of such partner if the provisions of section 5A applies to such spouse],
the 31st day of October of the assessment year;
- in the case of an assessee who is required to furnish a report from an accountant for entering into international transaction or specified domestic transaction under section 92E, the 30th day of November of the assessment year;
- in the case of any other assessee, the 31st day of July of the assessment year.
Amount of Fee Till Assessment Year 2020-21
The amount of late fee payable under section 234F till A.Y. 2020-21 was as follows:
| Income | Amount of Fee |
| Income upto ₹5 Lakh | 1,000 |
| Income > ₹5 Lakh, return filed on or before 31st December | 5,000 |
| Income > ₹5 Lakh, return filed after 31st December | 10,000 |
Amount of Fee From Assessment Year 2021-22 and onwards
The maximum amount of fee capped to ₹5,000/- w.e.f. 1st April, 2021. So, the amount of fee payable under section 234F as per the revised provisions is as follows:
| Income | Amount of Fee |
| Income upto ₹5 Lakh | 1,000 |
| Income > ₹5 Lakh | 5,000 |