To ensure the timely filing of return of income, a new section 234F with effective from 01.04.2018 has been inserted under the Income Tax act in the budget 2017 which shall be discussed in this article.
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Section-234F
As per section 234F of the Income Tax Act, where a person who is required to furnish return of income under section 139 failed to furnish such return of income within the due date or time prescribed under subsection (1) of section 139, such person is liable to pay the following amount as a fee
Case-1:
In a case where Return of Income required to be furnished under section 139 is furnished on or before 31st December of the Assessment Year, then the late fee of Rs.5,000/- shall be levied under section 234F.
Case-2:
In any other case, the late fee of Rs.10,000/- shall be levied under section 234F.
Note:
However, the late fees under section 234F are limited to or do not exceed Rs.1,000/- in case of a person having total income which does not exceed Rs.5,00,00/-
Section-234F at a Glance
| Late Fee | Particulars |
| Rs.5,000/- | If Return of Income filed after the due date prescribed under section 139(1) but, filed on or before 31st December of the Assessment Year. |
| Rs.10,000/- | In any Other case |
| However, the late fee does not exceed Rs.1,000/-, if the total income of such person does not exceed Rs.5,00,000/- | |
The due date under section 139(1)
Following are the Due dates specified under section 139(1)
30th September of the Assessment Year :
The following are the persons required to file their return of income on or before 30th September of the assessment year.
- Company
- Person (other than a company) whose books of accounts are required to be audited under the Income Tax Act or under any other law for the time being in force.
- Working partner of the firm whose books of accounts are required to be audited under the Income Tax Act or under any other law for the time being in force.
30th November of the Assessment Year :
A person required to furnish a report referred to in section 92E is required to file their return of income on or before 30th November of the assessment year.
31st July of the Assessment Year :
Any other person or assessee (other than those persons mentioned In above) are required to file their return of income on or before 31st July of the assessment year.