File Income-Tax Return before Dec.31 with late fee of Rs. 5,000

Mysore/Mysuru: With the insertion of Section 234F under Income-Tax Act, 1961, it is levied a fee for delay in filing the Income-Tax Return, called Belated Return, for the Assessment year 2023-24 (FY 2022-23).

Any  person, who is earning salary, pension or any other income who have not filed their Income-Tax Return for the FY 2022-23 shall file by paying a fee of Rs. 5,000 on or before 31.12.2023. However, the fee  payable is restricted to Rs.1,000 for small tax-payers whose total income is less than Rs. 5 lakh, which is arrived after allowing all deductions. On or after 1st January 2024, there shall be levied a late filing fee as additional tax and interest thereon.

Before filing the Income-Tax Return it is suggested to verify and report the transactions appearing in Annual Tax  Statement (FORM 26AS), Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) wherever applicable

For detailed information, reference may be made to the provisions of the Income-Tax Act, 1961, the Income-Tax Rules, 1962, relevant circulars and/or notifications, says N.D. Shreenivaas of  Bhavani Associates, Mysuru.