Penalty for late filing of income tax return
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September 13, 2021
What would be penalty under section 234F of the Income Tax Act 1961?
Table of Content
Important Update: Due date for ITR Filing extended
The Finance Ministry has again extended various due dates for filing of Income Tax Returns and various audit reports for the Assessment year 2021-22 under the Income Tax Act, 1961. The decision has been taken after the consideration of the difficulties reported by the various taxpayers and other stakeholders in filing the ITR and Audit Reports.
ITR Filing Due date Extension |
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Compliance |
Existing Due Date |
Extended Due Date |
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The due date of furnishing of Income Tax Return for the AY 2021-22 (Individuals and non-audit cases) |
30th September, 2021 (Extended from 31st July, 2021) |
31st December, 2021 |
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The due date of furnishing Income Tax Return for AY 2021-22 (Companies and Audit cases, excluding TP Cases) |
30th November, 2021 (Extended from 31st October, 2021) |
15th February 2022 |
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he due date of furnishing Income Tax Return for AY 2021-22 (TP Cases) |
31st December, 2021 (Extended from 30th November, 2021) |
28th February 2022 |
Extension in the due date for furnishing Audit Report |
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Audit Report for the Previous year 2020-21 |
31st October, 2021 (Extended from 30th September 2021) |
15th January 2022 |
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Audit Report for Transfer Pricing cases |
30th November, 2021 (Extended from 31st October 2021) |
31st January 2022 |
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Belated / Revised Income Tax Return for AY 2021-22 |
31st January 2022 (Extended from 31st December 2021) |
31st March 2022 |
If you can not file your return till this date, there is a penalty on late filing which can extend upto Rs. 10000/- depending on when the return is actually filed.
What would be the late filing fees for ITR?
a) Rs 5,000 if tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2019).
b) Rs 10,000 if tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31 (in this case between 1 January 2020 and March 31, 2020).
If you are a small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000.
This law of levying late filing fees under section 234F was introduced in the Budget 2017 and became effective for financial year 2017-18 or assessment year 2018-19 onward. Assessment year is the year immediately following the financial year for which the ITR is filed. The assessment year for the financial year 2018-19 is 2019-20.
Who are not required to pay late fees?
a person whose gross total income does not exceed the basic exemption limit files a belated return, he/she will not be liable to pay penalty. Currently, the basic exemption limit for resident individuals below the age of 60 years is Rs 2.5 lakh. For senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempted from tax. For super senior citizens i.e. of age 80 years and above, the basic exemption limit is up to Rs 5 lakh.
How about penalties or late fees for Companies or Limited Liability Partnerships?
Late fees or penalties under section 234F are applicable to Companies and LLPs. In this case, even if their income is NIL or have losses, they have to file returns before the due date. In the failure of the same, they are liable for penalties as mentioned above.
Suggested Read: What should you choose for your Income Tax Return filing- Free online Tax portal or Tax Consultant?
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