The New Section 234F of IT Act

The New Section 234F of IT Act
The New Section 234F of IT Act

What is Section 234F?

Section 234F of the Income Tax Act is a new section that came into being to make Income Tax Returns more timely. According to Section 234F of the IT Act, the taxpayer is required to file Income Tax Return, as per the provisions of Income Tax Law of Section 139(1) but does not file it within the prescribed time limit then late fees have to be deposited by him/her while filing the Income Tax Return. The penalty fees will depend on the time of filing the return and total income of the taxpayer.

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When a taxpayer is supposed to File ITR?

If you fall under following conditions then, you are required to file ITR

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  1. An individual is required to file an Income Tax Return if his/her annual income is more than Rs. 2.5lakh and he/she is below 60 years of age, if his/her income is above Rs. 3Lakh and they 60-80 years old and for those who have annual income of more than Rs. 5Lakh and are 80 years or above in age.
  2. If a someone holds any asset including financial interest in any entity that is located outside India or that has the signing authority in any account located outside India as a beneficial owner or otherwise.
  3. If you have any asset outside India and you are the beneficiary of it.

The due dates to file Income Tax Return

CriteriaLast date of filing
Individuals who are not required to be audited31st August
Company or Individual whose accounts are required to be audited30th September
Individual who is required to furnish report referred in section 92E30th November

Filing Income Tax Return

The penalty that you are required to pay under section 234F of the Income Tax Act are as follows: –

  • If the return is filed after 31st August 2018, but on or before the 31st December 2018 of the relevant assessment year, then the taxpayer will have to pay a penalty of Rs. 5000 (that is 31st August 2018 and 31st December 2018 for FY 2017-18)
  • If the return is filed after 31st December of the relevant assessment year, then the taxpayer will have to pay a late filing penalty of Rs. 10,000

Moreover, if the Total income of the taxpayer is less than or equal to five lakh rupees, then in that case the penalty amount will not be more than Rs. 1000.

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