First cost: The Late fee

/ When do I file a Tax Return / By

I need to do my tax return on due date, and if I miss it, there’s a cost, charge called ‘Late Fee’ (its Section 234F) levied on my delay. It is

  1. If my income is upto Rs. 5 lac, then Late Fee is Rs.1,000
  2. Otherwise if income is over Rs. 5 lac, Late Fee is Rs.5,000 if I file upto 31st Dec. So, if my return is due in July of next year and I file in Nov of that year, I will have to pay Rs.5,000 late fee if I am in income level over Rs. 5 lac.
  3. Otherwise if income is over Rs. 5 lac, Late Fee is Rs.5,000 if I file after 31st Dec but upto Mar 31st next. So, if my return is due in July of next year and I file in Jan of next calender year, I will have to pay Rs.10,000 late fee if I am in income level over Rs. 5 lac.