Consequesnces if Income Tax Return is filled Delayed/ Income tax return filed after due date

 Consequesnces if Income Tax Return is filled Delayed/ Income tax return filed after due date

Hello Friends,

My name is CMA Bharat Kumar Swami,

if return of income is filed delayed or return filed after due date then, fees u/s 234F is levied for delay in filing Income Tax Return.

How much late fees u/s 234F will be levied.

If total income before giving effect to deduction under chaper-VI-A, if total income is mroe than 5 Lac then Fees will be levied Rs-5000 and if such return is also further filed with delay after 31st Dec of the relevant assessment year then the fees u/s 234F would be levied Rs-10000,

If the total income is less then 5Lac but more than 2.5 Lac, then late fees will be levied Rs-1000, below 2.5 Lac it is nil.