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

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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.

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