I could not file my Income Tax Return before the due date this year. Can you please tell me what is the penalty amount under section 234F for late filing of ITR in India?
If you miss the due date for filing your Income Tax Return in India, a late fee under Section 234F is applicable. The amount of penalty depends on your total income:
• If your total income is above ₹5,00,000, the penalty is ₹5,000.
• If your total income is up to ₹5,00,000, the penalty is ₹1,000.
For example, if you had a salary income of ₹6,20,000 and filed your ITR after the due date, you would need to pay ₹5,000 as a late fee. But if your income was ₹4,80,000, the penalty would be ₹1,000.
You can check more details directly on the official Income Tax Department website here: https://incometaxindia.gov.in