Skip to main content

Late Fees Under Section 234F for Revised ITR on 2.0 Website

 

Income Tax Section 234F for Late Fees

Introduction of Income Tax Section 234F 

The Government has introduced section 234F with the aim of facilitating timely compliance and filing of returns. Late fees are charged if you fail to file your tax return on time. If you have an audited case, the due date for filing is October. If you have an unaudited case, the due date is July. A taxpayer must pay mandatory late fees if he fails to file his income tax return within the due date.

Late Fees U/S 234F on Processing of Revised Income Tax Return

A late fee is levied when the original income tax return is delayed but not the revised income tax return since the revised return takes the place of the original tax return. However, because of transformations in the development of the new 2.0 income tax website, this section is currently overused, i.e. it is levied when processing revised income tax returns as well. 

By charging late fees of Rs.5000/- u/s 234F, the intimation issued u/s.143(1) of the Act reduces the refund for the A.Y.2022-23. Therefore, it is very important to thoroughly review the notices issued on the processing of revised returns. Generally, late fees are charged as a result of computerized returns processing. A rectification request under section 154 for "reprocessing" can rectify the situation.

How Much are Late Fees on Tax Returns?

If the taxpayer fails to file his income tax return by the given due date then he will be charged late fees as per the income tax act. There are the following late fees:
 
A total income of less than INR 2.5 lacsNo Late fees are Levied
If your total income is up to INR 5 lakhsINR 1000/-
If your total income exceeds INR 5 Lacs:
  • Filing of the income tax return before 31st December
  • Income tax return filed after December 31st till March 31st
  • INR 5000*/-
  • INR 10000*/-

What is the Procedure for Paying Late Fees U/S 234F?

ParticularsRemarks
Challan No.280
Type of PaymentSelf Assessment (300)
In column OthersFill 234F

Read also: Penalties for Late Income Tax Return Filing in India 

It is often overlooked that we should scrutinize notifications sent after a client's return has been processed. Consequently, you or your client may lose Rs.5000/- as late fees on processing refund claims. Therefore, it is important to carefully examine notifications issued after returns are processed in order to take corrective action if necessary. There is a late filing fee of Rs.5000/- for returns filed after 31st December. For this reason, I ask you kindly to file your returns if you have not done so for A.Y.2022-23, i.e. F.Y.2021-22.

Comments

Popular posts from this blog

A Full Guide to GST E-Way Bill 2 for Faster Compliance

  Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seco...

Gen Online Payroll Software for Small Business in India

In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique ...

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore.  This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores.  Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic.  They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged.  This dedication is also evident in the ₹...