31st July is the due date for filing the ITR for FY 2023-24 for the assessee. A penalty will be imposed if you do not file the ITR within the due date however some other consequences and issues relevant to the delay. Through the below points, we can understand the same.
Fine for Late Filing Under Section 234F of the Income Tax Act
Below section 234 F of the Income Tax Act, If the assessee furnishes ITR after the due date of 31st July 2024 but before 31st December then a penalty will be imposed of Rs 5000 if their total income does not exceed Rs 5 lakh, the penalty will be imposed of Rs Rs 1,000 and if the total income of assessee does not exceed the basic exemption limit, then no penalty will be levy.
Interest of Late Income Tax Return Filing Under Section 234F
One has to pay the interest if you do not furnish the income tax return on or before the last date with 1% every month, on the amount of tax left unpaid as under section 234A. If one has not paid the taxes then ITR will not be filled. The computation will be initiated for fine since the date 31 July of the related assessment year.
The Losses will not be Entertained for the Carry-forward Objective
If you had been affected with any losses under the business or in capital gains in the year then you must be sure about filing the return within the last date. If you will not do it then these losses will disappoint you to carry forward the same losses to the next years with respect to the income in the coming time.
Late Refunds Tax Return Filing U/S 234F
If you want your refunds soon because you are liable to receive them from the government for excess taxes you have paid, then you must file the return prior to the last date.
Read Also: E-calendar of Income Tax Return Filing Due Dates for Taxpayers
Late Fees Under Section 234F for A.Y. 2024-25
Here we come with a complete list of multiple late fees as per the section for the assessment year 2024-25. You can check the section-based late fees in the u/s 234 F income tax act along with the eligibility of individual taxpayers. Learn all the details and late fee provisions in the below post:
| Late Fees U/s 234 F | As per section 234F if any assessee who is liable to file a return u/s 139 fails to file a return on or before the due date specified u/s 139(1) is liable to pay late fees u/s 234F |
| Analysis of section 234F | Liable Assessee: Any assessee who is liable to file return u/s 139 is liable to pay late fees u/s 234F, following are the assessees that are liable to file return u/s 139:
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| Meaning of Due Date U/s 139(1) |
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| Conclusion |
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| Applicable amount of late fees |
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Govt extended date of submitting to 30th Sept’21 till interst & fine is to be provided?
Please read circular no 9/2021 dated 20th May 2021 issued by the department
I too have the same issue. Original return was filed within the limit and a revised return was filed on 31.03.2021 (for bank account interest ) after receiving compliance notice on March 27th. Now there is a penalty of 10K. Please advice
Guys, even i am charged late fee of 10K for revised return after compliance notice on 28th march 2021, my original return was done much before.
what to do?
I had filed my ITR for FY 2019-20 before the due date. However, I missed adding the amount towards interest from the savings account into my total taxable income because of which I have to file a revised ITR after paying IT for the additional income (interest from a savings account). However, a fee/penalty of Rs. 10,000/- is being charged u/s 234F. Is the penalty still chargeable when the original ITR was filed within due date but has to be revised now?
I have the same issue. Original ITR was filed within limit and revised return was filed for bank account interests. Now there is a penalty of 10K. Looking for suggestions if there is any way to get that penalty waived off.
Hi all, even i am charged 10K extra for revising ITR after compliance notice on 28th march2021, any way to waive this off?
I have retired from the bank on 29/2/2020. My bank issued Form 16 only with Salary details for FY 19-20 omitting to furnish break up of retirement benefits like Gratuity, PF, and leave encashment. I filed a return in August 2020. On 22/2/2020 my return processed with remarks DEFECTIVE. Then I obtained revised Form16 with retirement benefits breakup from my Bank and filed Revised Return under sec 139(5) on 24/2/2020. Now the revised return processed with a Demand to pay Rs.10,000 as a late fee under sec.234(F), When my original ITR is submitted before the due date and processed and revised return is filed, should I still have to pay a late fee of Rs.10,000? Please guide.
I have the same case as intimated by M Ramada. Please tell should I pay late fees or any provision available to waive off the late fees.
Late filing fees are charged for the revised return. Is it valid?