Late filing fee is applicable when the taxpayer has not furnished the income tax return on or before the due date of filing as stated by the Governement of India. In this article, we will be discussing late filing fee provisions applicable to an individual whose accounts are not requried to be audited. This means, following provisions will be applicable to salaried individuals and self-employed persons whose accounts are not required to be audited in India.
If as an individual you are taxable in India, then your income tax return must be filed on or before the due date of filing i.e. 31st July of the following financial year.
In case you missed it, you can still file your Income Tax Return on or before the end of the relevant assessment year. However, in such type of cases, you will be required to pay late filing fee based on your total income for that financial year and date of filing.
With effect from financial year 2017-18, the Government of India has introduced late filing fee for furnishing the Income Tax Return after the due date.
Late Filing Fee for the financial year 2021-22 (Assessment Year 2022-23)
| E-filing Date | When total income is below Rs. 5,00,000 | When total income is above Rs. 5,00,000 |
| If the Income Tax Return is filed on or before the due date of filing | NIL | NIL |
| If the return is furnished after the due date | Rs. 1,000 | Rs. 5,000 |
We have an amendment to section 139(4) of the income tax act, 1961, which states that belated return cannot be submitted after 31st December of the relevant assessment year. In view of this amendment, provisions of section 234F has been amended with effect from 1st April 2021, due to which above provision for late filing fee is applicable w.e.f 01-04-2021.
The earlier late filing fee of Rs 10,000 for filing return after 31st December of the relevant assessment year is no longer applicable with effect from 1st April 2021.
For financial year 2021-22, a late filing fee of Rs. 1,000 will be paid if your total income is below Rs. 5 Lakhs and you have filed your tax return after the due date of filing i.e. 31st July 2022.
If total income is above Rs. 5, 00,000 for the financial year 2021-22, then Rs. 5,000 has to be paid as late filing fee if Income Tax Return has been filed after the due date but before 31st December 2022.
After 31st December 2022, you will not be allowed to file your income tax return for the financial year 2021-22.
For the financial year 2021-22, ministry of finance may extend the due date of filing income tax return. If the due date of filing is extended, then the new extended date will be considered as due date of filing. Otherwise, due date of filing will always be 31st July of the relevant assessment year.
Assessment year is the year immediately following the previous financial year for which return of income has to be filed. Financial year starts from 1st April of each year and ends on 31st march of the next year. This means in assessment year 2022-23, you file return of income for the financial year 2021-22. Financial year 2021-22 starts from 1st April 2021 and ends on 31st march 2022.
However, in case of any mistake, you can revise your original return without paying any late filing fee.
