Penalty for Late Filing of Income Tax Return u/s 234F

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As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs 5,000.

From the Financial Year 2021 onwards, the Income Tax department has reduced the maximum amount of penalty for late filing of return to Rs 5,000 from Rs 10,000.

To break this down for FY 2020-2021; if you file your ITR before 31st December2021 (15th February 2022 for audit and 28th February 2022 for transfer pricing cases), no penalty will be levied.

For returns filed after 31st December 2021, the penalty limit will be increased to Rs 5,000. However as a relief to small tax payers, the IT department has stated that if your total income is not more that Rs 5 lakh, the maximum penalty levied for delay will only be Rs 1000.

Late Filing Fee Details
E- Filing DateTotal income BelowRs 5,00,000Total income AboveRs 5,00,000
31st December 2021Rs 0Rs 0
Between 31st December 2021 to 31st March 2022Rs 1,000Rs 5,000



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