Late filing fees for Income Tax Returns (ITR) in India under Section 234F are ₹5,000 if filed after the due date (usually July 31) for total income exceeding ₹5 lakh, or ₹1,000 if total income is ₹5 lakh or less. No fee applies if income is below the taxable limit.
You will be charged an interest amount of 1% per month or part of the month (simple interest) on the tax amount outstanding. This interest will be calculated from the due date applicable to you for filing of return of the relevant financial year till the date that you actually file your return.
Pay a fixed fee of ₹2,499* for ITR filing, regardless of the type of income or ITR form. Provide the necessary documents for a smooth and efficient ITR processing experience.
File your Return of Income in time. Otherwise you will be liable for payment of interest and late filing fee too. Avoid mismatch in tax credit status. Pay your advance tax correctly in time to avoid interest payment for delay.
Late fee penalty
Here are the late fee penalties under section 234F of the Income Tax Act: If a taxpayer's total income is above Rs. 5 lakh they are liable to pay a penalty of Rs. 5,000 if they file their ITR after the due date but before 31 December of the same assessment year.
Pay at Bank Counter (Over the Counter Payment at the Branches of select Authorised Banks) RTGS / NEFT (through any bank having such facility) Payment Gateway (using sub-payment modes as Net Banking, Debit Card, Credit Card, and UPI of any Bank)
Include Gross Receipts as Income: Report the full amount of professional or technical fees received as income under the appropriate head (e.g., "Profits and Gains from Business or Profession" or "Income from Other Sources") in your ITR.
The Union Budget 2025 introduced a major income tax relief for the middle class – making annual incomes up to ₹12 lakh completely tax-free* under the new regime. This means if your taxable income is ₹12 lakh or less, you owe zero tax* for the year.
14 Key Strategies on How to Save Tax While Filing ITR
The government does pay interest on delayed income tax refunds under Section 244A, offering 0.5% per month as compensation. While not a large amount, it ensures taxpayers receive fair treatment when refunds are held up due to departmental delays.
Yes, you can file your ITR without a CA via our DIY plans. Click here to check out the plans. What is assisted filing? Get an expert to do your taxes for an individual with all kinds of income.
The penalty for late filing of ITR is Rs. 1,000 for income up to Rs. 5 lakhs and Rs. 5,000 for higher incomes, plus 1% monthly interest on unpaid tax.
How much FD interest is tax-free? For tax purposes, FD interest up to ₹ 50,000 per year (₹ 1,00,000 for senior citizens) is exempt from TDS. But the interest itself is taxable as per your income slab. If your total income is below the basic exemption limit, you may not have to pay any tax.
Late payment interest
HMRC charge interest on late tax payments (and late paid penalties) to compensate them for the delay in payment.
Total Interest Payable means, in relation to the Group for any Measurement Period, all interest and other financing charges paid or payable and incurred by the Group during that Measurement Period.
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ITR filing last date for individuals not subject to tax audit is 31st July 2026 for FY 2025-26 (AY 2026-27). Missing this deadline can lead to interest charges under Section 234A and a late filing fee up to Rs. 5,000 under Section 234F.
To reduce taxable income, maximize pre-tax contributions to retirement accounts (401(k), IRA, HSA), take itemized deductions like mortgage interest or charitable gifts (or "bunch" them), claim business deductions if self-employed, sell losing stocks (tax-loss harvesting), and utilize education credits or other specific tax credits.
Legal and other professional fees are not specifically mentioned in the Code as deductible items. Therefore, a taxpayer is able to deduct these types of fees only if they qualify as “ordinary and necessary” expenses under §162 (business expenses) or §212 (expenses related to the production of income).
Yes, If you have capital gains and income from salary, you will have to file ITR-2. If you have only Long Term Cpaital Gain income under section 112A, not exceeding Rs. 1.25 lakh, you can still file under ITR1, provided you do not have any carry forward of capital losses from previous years.
Unemployment compensation generally is taxable. Inheritances, gifts, cash rebates, alimony payments (for divorce decrees finalized after 2018), child support payments, most healthcare benefits, welfare payments, and money that is reimbursed from qualifying adoptions are deemed nontaxable by the IRS.