PENALTY U/S 234F

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This discussion clarifies the late filing fee under Section 234F of the Income Tax Act. For the financial year 2021-22, if you file your return after the due date but before 31st December, the penalty is £1,000. If filed after 31st December, it's £5,000. Importantly, this fee is calculated on your total income, not after deductions under Section 80C.

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(Querist)
18 September 2022 Dear All

My income is Rs 585000 for FY 2021-22. In that RS 95000 is out of Long Term Capital Gain.

I am filing my income tax return on 18th September, 2022.

In that case what will be the amount of late filing fee u/s 234F Rs 1000 or Rs 5000??

Moreover Whether income after deduction u/s 80C or before deduction u/s 80C is considered for calculating penalty u/s 234F?

Thanks
Nirmal
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
18 September 2022 1. Rs. 5,000/-
2. It is calculated on total income, so the deductions are not adjusted for the calculation of late fees.
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NIRMAL DAVE

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NIRMAL DAVE (Querist)
19 September 2022 Thank You Sir for your valuable reply.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 September 2022 You are welcome..
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