Income Tax New Section 234F-2018

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

It is important for us to know as this will be applicable for the returns of F.Y 17-18 and onwards.

What is the meaning of Section 234F?
As per Section 234F, if a person is required to file income tax return (ITR) as per the provisions of income tax law [Section 139(1)] but does not file it within the prescribed time limit then late fees has to be deposited by him while filing his ITR.

How much fee can be Charged under 234F?
If Total Income i.e. your Income after deductions is more than 5 Lakhs and:

Return is filed after 31st July but on or before the 31st day of December: Fee = Rs. 5000

Return is filed after 31st December or in any other case: Fee = Rs. 10,000.

However, if your total income is less than or equal to 5 Lakhs : Fee = Rs.1000

On whom sec 234F Applies?
It applies on all persons including Individual, HUF, Company, Firm, AOP etc., who are compulsorily required to file ITR by Income Tax Law (irrespective of due dates).

How to Pay 234F Fees ?
It can be paid through Challan 280, under the head of Self Assessment Tax, from F.Y 17-18 and onwards.

A Note of Caution
Be Careful: Section 234F will apply for ITR of F.Y 2017-18 (or AY 2018-19) and onwards. That means if return of F.Y 17-18 is filed after due date, then you have to pay late fees.

The Easiest Way of Filing
Your Income Tax Return
https://tax2win.in/