Section 234F of the Income Tax Act imposes a penalty for late filing of Income Tax Returns (ITR). Here’s what you need to know:
Late Filing Fee: Applies if ITR is not filed within the due date specified under section 139(1).
Entities Covered: Individuals, companies, firms, HUFs, AOPs, BOIs, local authorities, and other artificial judicial persons.
Penalty Amount: Depends on total income:
Up to INR 5,000 if filed by December 31st of the assessment year.
Up to INR 10,000 if filed after December 31st but before March 31st of the assessment year, for those with income above INR 5,00,000.
Example: Akash, with INR 7,20,000 income, filed late and faced a INR 5,000 penalty.
Payment Method: Pay via the IT portal under "Self-Assessment (300)" and mention details from the generated challan receipt when filing the return.