Section 234F of Income Tax Act for AY 2023-24

Section 234F of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules, 1962. Fee for default in furnishing return of income.

Amended and updated notes on section 234F of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Fee for default in furnishing return of income.

Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 234F of IT Act 1961 provides for Fee for default in furnishing return of income.

Recently, we have discussed in detail section 234E (Fee for default in furnishing statements) of IT Act 1961. Today, we learn the provisions of section 234F of Income-tax Act 1961. The amended provision of section 234F is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 234F of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-234F: Fee for default in furnishing return of income

Section 234F(1) of Income Tax Act

Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,—

  • (a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
  • (b) ten thousand rupees in any other case:

Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

Section 234F(2) of Income Tax Act

The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.


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