Filing of Income-Tax Return

With the insertion of new Section 234F under Income-Tax Act, 1961, it is levied a fee for delay in filing the Income-Tax return for the Assessment year 2022-23 (FY 2021-22). Any person who is earning Salary, Pension or any other income including business who have not filed their Income-Tax return for the FY 2021-22 shall file by paying a fee of Rs.5,000 on or before 31.12.2022.

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. Those who have not filed their Income Tax Return for the FY 2021-22, shall file on or before 31.12.2022.

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