Penalty - Relates Income Tax Return File

Penalty - Relates Income Tax Return File

Penalty for late income tax return file 

The last date to file your ITR is 31st Aug every year. Not filing your ITR on time can lead to a penalty.

1. Penalty for late filing under section 234F

As per u/s 234F of income tax act, if a person is required to an file income tax return as per the provisions the of income tax low [u/s 139(1)] but does not file it within the prescribed time limit then late fees have to be deposited by him while filing his ITR form.

Late filing Penalty Amount:-

Filing Data	Less than equal to 5 Lakh	Above 5 Lakh
Upto 31st August	Rs. 0 fee	Rs. 0 fee
1st Sep to 31st Dec	Rs. 1,000	Rs. 5,000
1st Jan  to 31st Mar	Rs. 1,000	Rs. 10,000

Payment of Interest

Interest u/s 234A

If you do not file income tax return on or before the due date, you would be required to pay interest at the rate of 1% for every month, or part of  a month, on the amount of tax remaining unpaid as per u/s 234A.

Interest u/s 234B

Interest under section 234B is imposed if you make incomplete tax payments. It is also 1% levied in case of a delay in the payment of advance tax. You must pay interest under section 234B if you are liable or pay advance tax.

Interest u/s 234C

Interest under section 234C is imposed when there is a delay in payment of an installment of advance tax. You pay 1% interest under Section 234C.

Fee u/s 234F

Below showing condition wise fee or penalty if applicable:-

Total Income	Return Filed	Fee (Penalty)
Upto 5 Lakh	After due date	Rs. 1,000
Above 5 Lakh	After 31st December	Rs. 10,000

Reduce Time for Revising Your Return

Let's say you are filing your ITR and you end up making a mistake. Under the changed rules, you only have time till the end of relevant assessment year to make the change.

Losses Not Allowed 

Cannot be carried forward if the return is not filed within the original due date. Can be adjusted only against income form specified business under 35AD.