Penalty on Late Filing of Income Tax Return Under Section 234F of IT Act

Penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. This penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable to a penalty as follows.,

Penalty Mentioned:

1. For person with Total Income of more than Rs. 5,00,000

a. If ITR is filed on or before 31st December following the last date – Rs. 5,000

b. If ITR is filed after 31st December – Rs. 10,000

2. For person with Total Income of less  than Rs. 5,00,000

Penalty = Rs. 1,000


a. Penalty is not applicable if ITR is filed before due date but verification is done after the due date.

b. In addition to the penalty interest u/s 234A is also levied on late filing of Income Tax Return.

c. Due Dates for filing ITR

i) For persons required to gets accounts audited u/s 44AB - 30th September

ii) For all other persons – 31st July

d. Persons for whom ITR Filing is mandatory:

The following persons are mandatorily required to file income tax return

  • Company

  • Firm

  • Any other person whose total income exceeds the maximum amount which is not chargeable to income tax.

  • A person is required to file ITR if total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax.

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