234F late fee
234F late fee for file IT returns AY 2020-21 & AY 2021-22
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Quick Summary
Interest rate?
For Filing ITR of AY 2020-21 & 2021-22 Sec. 139(4) of IT act is not applicable, & so also sec. 234F of IT act...
For details of late fees u/s. 234 F Click on this
But for filing the sale ITR u/s. 139(8a) of IT act...... penalty is levied as below...
1. If the updated return is being filed within 12 months from the end of the relevant assessment year, then an additional income tax of 25% and interest thereon shall be payable.
2. If the updated return is being filed within the period of 13 months to 24 months from the end of the relevant assessment year, then an additional income tax of 50% and interest thereon shall be payable
234F is applicable only if the annual income is above 2.5lacs for updated return u/s 139(8A)
It's possible to file below basic exemption limit 2.5lakh ?? for the AY 20-21 & AY 21-22
Had you filed these returns earlier?
Or it is to be filed first time?
Filing can be done if there is tax liability
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