< >

Home > Income Tax > Help Center > Late Filing & Pay Penalty Last Updated: Aug 29th 2022

How late filing fee is assessed for AY 2023-24

Stricter Compliance norms from Income Tax Department starting from AY 2018-19

The Finance ministry during FY 2017-18 Budget introduced a new Section 234F to levy penalty for late filers OR non-filers of Income Tax Returns. As we are in a low tax compliance society, it's very important to understand income brackets, timing, penalty amounts and how to avoid such situation.

How late filing fee is assessed ?

for FY 2022-23 (AY 2023-24)

1. Up to 31st Jul 2023

No penalty before the original due date - 31st Jul 2023

2. On or after 01st Aug 2023

Belated return income tax filing are possible for up to 31st Dec 2023.

After the original ITR due date the late fee would be Rs. 5000 for those whose gross total income is more than Rs. 5 Lakh.

3. For some

If your total income does not exceed Rs. 5,00,000/- Then maximum penalty applicable will be Rs.1000/- irrespective of dates.

 Things to consider

Late filing attracts interest, penalty, in addition, carry forward losses are not allowed after the due date. Carry forward losses from short-term, long-term, speculative business, and other losses except the loss from house property up to Rs. 2 Lakh.

In addition, the brought-forward losses cannot be used to set-off against the current year income as well.

 How to avoid missing the ITR due date ?

Generally Jul 31st is the due date for earlier financial year income but the date may change based on various factors & decisions from Income Tax Department of India.

Hence advised to refer the latest @ Tax Compliance Calendar for IT, GST, TDS, ROC

Our Tax Services

Online Income Tax Filing Time: ~7 mins
  • Comprehensive & Accurate > No limits.
  • Highly Secure > Peace of mind.
  • Maximum Deductions > Save on Taxes.
  • No more visits to Tax Consultants > Save Time & Money.
  • Real-time Tax Calculation
  • Available in both Web Browser & Mobile App

Start Now

GST Accounting Software Price: FREE for 1st year in India  refer pricing for other countries such as India, Australia, Malaysia, Nepal, Pakistan, Singapore, Sri Lanka, & UK

Easiest GST ready Accounting software

  • GST Compliant Invoicing
  • Online - Highly available
  • Quick Onboarding - Import your data from legacy
  • Personalization - Highly customized Invoicing
  • Drafts > Estimates > POs > Delivery Challans > Invoices > CR/DR Notes > RCs & All.
  • Barcode scanner Integration
  • Amazon, Flipkart Imports
  • Individual, or Bulk Payments - just a Click away
  • Multiple users can Book / Bill at the same time
  • Quick Invoicing, Auto Delivery, & Reminders
  • Multi-Channel GST returns preparation
  • Customized for Regular and Composition
  • AI Data Insights
  • AI Prioritization
  • AI Alerts
  • Expenses & Purchases
  • Real Time P & L
  • Barcode Scanner, e-Way Bill Integration
  • Excellent User Experience
  • Easy to understand language
  • Artificial Intelligence enablement
  • above all, Count on our Outstanding Client Service

Start NowLearn more
Tax Expert Services Price: Rs.799 onwards

  • Affordable Tax Services for Businesses, Associations, Individuals
  • GST Registration
  • GST Return Filing
  • GST Accounting
  • GST Consultation
  • Notice Handling
Income Tax
  • Income Tax Return Filing for Businesses, Associations, Individuals
  • Tax Savings
  • TDS Preparation
  • General Tax Compliance
  • Investment Advisory
  • Capital Gains Consultation
  • Tax Planning
  • Notice Handling
Virtual Accounting
  • Complete Accounting for Businesses, Associations, Individuals
  • Compliance & Accounting Portal Access for easy monitoring
  • Accounting Advisory
  • Tax Savings
  • GST, Income Tax, TDS, General Tax Compliance
  • Business Planning

Contact Now   WhatsApp Now

How to get help from