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Late Filing of ITR: Interest, Penalty Correction Options Under Sections 234A, 234B, and 234C of the Income Tax Act, interest is charged on outstanding taxes, and the amount increases over time until the return is filed Additionally, Section 234F imposes a penalty for late filing, which can be up to ₹5,000, depending on how late the return is filed
Penalty for Late Filing of Income Tax Return for FY 2024-25 . . . Late filing of Income tax return will attract Section 234F, in which a penalty of Rs 1,000 is imposed if the assessee’s taxable income is less than or equal to Rs 5,00,000 and Rs 5,000 for taxable income above Rs 5,00,000
Section 234A : Interest for Late Filing of ITR - Learn by Quicko Hence, if the taxpayer fails to file the return within that prescribed time, they will be liable to pay interest u s 234A In that case, they can be in one of the following three situations : There are outstanding taxes to pay to the IT department There is a tax refund from the IT department
Section 234A: Interest Penalty on Delayed ITR Filing - Tax2win Yes, if you delay in filing ITR from the due date that is fixed by the Income Tax Act, you will be charged a penalty in the form of interest to be paid on the outstanding taxable amount
IRS has options to help taxpayers who missed the filing deadline IR-2025-66, June 9, 2025 — The Internal Revenue Service today highlighted several resources to help taxpayers who missed the April 2025 federal income tax return filing deadline and owe taxes, interest and penalties
Interest Imposed by the IT Department – Section 234A - ClearTax 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
Penalty for Late Filing of Income Tax Return - ClearTax Failure to furnish the tax return within the applicable due date will attract penalty and interest under Section 234F and Section 234A respectively In this article, we will discuss the amount of penalty that will be levied by the Income Tax Department in case of late filing for ITR