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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

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