Late Fee & last date to File updated ITR Return

NEW UPDATE FOR FY 2022-23 – New ITR forms for AY 2023-24

ITR forms 1-6, ITR-V (verification form), and ITR acknowledgment form are made public For AY 2023–24. For the FY 2022–2023, if you got any income from cryptocurrencies or other digital assets, You must do so using a unique schedule found in the new ITR forms FY 2022–2023.

Different kind of Income Tax Return forms are available for income tax filing, depending on the income tax taxpayer’s income & source of income. For instance,

• Income Tax Return-ITR Form 1 is applied to individuals income up to INR 50,00,000/- from sources such as salary, 1 residential property, or Income from other sources.
• The Income Tax Return-ITR-2 is applied to individuals earning over INR 50,00,000/- with income from House Property.
• Income Tax Return-ITR-3 is applied to individuals with professional or business income.
• The Income Tax Return-ITR Form 4 is a easy form designed for freelancers. Or MSME taxpayers.
• Income Tax Return- ITR-5 is for partnership firm or LLPs businesses.
• The Income Tax Return- ITR-6 is for companies if they are not claiming exemption U/s 11.
• Income Tax Return- ITR-7 is for political parties, trust & other assessee not eligible to file any of the above Income tax return form.
• The tax Dept had notified the launch Income Tax Return returns for ease and accuracy of filing. To facilitate this process, authorizing various entities to report such transactions to the Tax Dept. These specified entities will be responsible for providing the details of capital gains transactions, dividends, and interest income of the taxpayers.
• Taxpayers need to keep in mind high-value transactions they made while filing their Income Tax Return. The tax Dept is using analytics to scrutinize data to find out people who have not filed ITR or under-reported income despite doing a high-value transaction.

What is section 234F in the language of the law:

In Budget our honorable Finance Minister, introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of the Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit then late fees have to be deposited by him while filing his ITR form. The quantum of fees shall depend upon the time of filing the return and total income.

Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of

• 5 thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
• 10 thousand rupees in any other case:

Provided that if the total income does not exceed five lakh rupees, the fee payable shall not exceed one thousand rupees.

The provisions of this section shall apply in respect of the return of income required to be furnished for the assessment year commencing on or after the 1st day of April 2018.

Regular ITR vs. ITR-U (Updated Return)

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• Use Regular ITR for timely, accurate filing.
• Use ITR-U if you missed reporting income, deductions, or made errors in your original return.

Fees of late filing of ITR

If ITR for AY is filed after the due date but before 31st Dec of the Assessment year then fees of Rs.5000/- will be levied and If ITR is filed after 31st Dec, then Rs. 10000 will be levied as extra fees.

There is one exception that if your total income is below or equal to Rs. 5 lakhs then the maximum penalty is Rs. 1000.

Additional Tax u/s 140B, Late Fee and last date to File updated ITR Return

How these fees are payable?

As per Finance Act, Late fees under section 234F can be paid by the way of Self-Assessment Tax u/s 140A. Therefore, through Challan 280, under the head of Self-Assessment Tax, these fees can be paid from FY 17-18 and onwards.

Normal Due date of Advance Tax under the income tax act

Installments	Rate of Advance Tax	Total Liability/due under adavnce Tax
First Installments	15 %	4,80,000*15%= 72,000
Second Installments	45%	4,80,000*45%= 2,16,000
Third Installments	75%	4,80,000*75%= 3,60,000
Fourth Installments	100%	4,80,000*100%= 4,80,000

kind of Interest under section 234 of the income tax act

There are three kind of Interest payable u/s 234 of the I Tax Act 1961. as below mention here under :

• Interest under section 234A- Delay in Filing of Income Tax Return
• Under Section 234B interest – Delay in payment of Advance Tax
• Interest under section 234C- Short payment of Advance Tax

1st Update of 2024 :

• E-filing of Updated Income Tax return has been enabled on Income Tax Portal for Assessment Year 2023-24 (Financial Year 2022-23)

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