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.
