In Budget 2017 our honorable Finance Minister, Mr. Arun Jaitley introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of 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.

What is section 234F in language of law: -

  1. 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
  • five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
  • ten 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.

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

For whom it is mandatory to file ITR: -

If a person come under any of the following conditions, then he have to file the income tax returns: -

  • If the gross total income (before allowing any deductions under section 80C to 80U) exceeds the basic exemption limit i.e. Rs.2,50,000 (for individuals below 60 years) or Rs. 3,00,000 (for individuals of 60 years and above but less than 80 years old) or Rs. 5,00,000 (for individuals of 80 years and above) as the case may be.
  • If you hold any asset including financial interest in any entity located outside India or has signing authority in any account located outside India as a beneficial owner or otherwise.
  • If you are a beneficiary of any asset located outside India.

Due date of tax filing of all type of taxpayer are given below: -

Category of Taxpayer Due Date for Tax Filing – FY 2017-18
Individual July 31st 2018
Body of Individuals (BOI) July 31st 2018
Hindu Undivided Family (HUF) July 31st 2018
Association of Persons (AOP) July 31st 2018
Businesses (Requiring Audit) September 30th 2018
Businesses (Requiring TP Report) November 30th 2018

Fees of late filing of ITR

If ITR for AY 2018-19 is filed after 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 maximum penalty is Rs. 1000.

How this fees are payable?

As per Finance Act 2017, 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, this fees can be paid from FY 17-18 and onwards.

Rajput Jain & associates


Address: -P 6/90 Connaught Place, New Delhi-110001

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at any query you can write to Hope the information will assist you in your Professional endeavors. For query or help, contact: or call at 09811322785/4 9555 5555 480)

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