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Not filing your taxes can end up costing you and even late filing has penalties. Read this guide on notices served under section 234F if you are late in filing your ITR and the penalties levied.

Fees under Section 234F for Late Filing of ITR

Last Update Date : May 15, 2018

section 234f late filing feees

The saying “ Better late than never” while can be applied to many situations in life, it becomes tricky when filing or not filing your income tax returns(ITR).  This guide guide covers revisions made for the penalties for late filing of your ITR, which can cause a heavy dent in your wallet.

Late Fees (Penalty) u/s 234F

As per section 234F if an individual who is required to file his/her Income Tax Return (ITR), as per the provisions, fails to do so they can face late fees/penalties.  The late fees/penalties for filing of your ITR for individuals earning more than Rs 5,00,000 per annum are as follows:

  • Between August 1st – December 31st of Assessment Year – Rs. 5000
  • After December 31st of Assessment Year – Rs. 10,000

If your income is below Rs 5,00,000  then the fees/penalty levied will be Rs. 1000.

Who should File Income Tax?

If you belong to the below categories, and do not want to be surprised with a notice from the Income Tax Department (ITD), ensure your taxes are filed annually in time:

It is wise to file your ITR annually and avoid penalties, as any appeals made cannot be heard as there are no provisions to consider for reasonable delay in filing of ITR.  Therefore, it is better to be on time, than late in this case.

To ensure your taxes are filed correctly and within the due dates, enlist the aid of the tax experts at H&R Block India. 

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