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of <h1>Section 234F: Late Income Tax Return Fee Rules Explained; Penalties and Caps Detailed for Assessment Year 2018 Onwards.</h1> Section 234F was introduced into the Income-tax Act by the Finance Act, 2017, effective from April 1, 2018. It mandates a fee for failing to furnish a return of income as required under section 139 within the prescribed time. The fee is five thousand rupees if the return is submitted by December 31 of the assessment year, and ten thousand rupees if submitted later. However, if the individual's total income does not exceed five lakh rupees, the fee is capped at one thousand rupees. These provisions apply to returns for assessment years starting on or after April 1, 2018.
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