Late Fees under section 234F

Late Fees U/s 234 F

As per section 234F if any assessee who is liable to file return u/s 139 fails to file return on or before the due date specified u/s 139(1) is liable to pay late fees u/s 234F.

Analysis of section 234F:

Liable Assessee : Any assessee who is liable to file return u/s 139 are liable to pay late fess u/s 234F, following are the assessee’s that are liable to file return u/s 139 :

I. An individual whose Gross Total Income exceed Basic Exemption Limit

II. Any Trust/Institution whose Income Before Application exceed Basic Exemption Limit

III. Any Company And Firm

Meaning of Due Date U/s 139(1)

Non Audit Cases : 31st July

Audit Cases : 31st Oct,

Due to Covid 19 CBDT on 24th June 2020 extended the due dates up to 30th Nov 2020 (For Both Audit and Non Audit Cases).

Thereafter on 24th Oct 2020, CBDT further extended due dates to 31st Dec 2020 (Non Audit) and 31st Jan 2021(Audit Caes).

Thereafter on 30th Dec 2020, CBDT further extended due dates to 10th Jan 2021 (Non Audit) and 15th Feb 2021 (Audit Caes)

Conclusion :

Now Following Assessee are liable to pay late fees u/s 234F :

I. An individual whose Gross Total Income exceed Basic Exemption Limit (Non Audit Cases)

II. Any Trust/Institution whose Income Before Application exceed Rs 250000(Non Audit Cases)

III. Any Other Assessee who is liable to file return u/s 139(1)

NOTE : Any Company, Firm and any other assessee whose are liable for audit are not required to pay late fees u/s 234F up to 15th Feb 2021

Applicable amount of late fees :

I. In case of individual whose Gross Total Income exceed Basic Exemption Limit but does not exceed Rs 500000 : Rs 1000

II In case of individual whose Gross Total Income exceed Rs 500000 : Rs 10000