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CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE- If a return is submitted after the due date, the following consequences will be applicable: 1. The assessee will be liable for penal interest under section 234A.
Filling of Income Tax return on due date is one of the important task of each individual falling criteria in filling of income tax return. This is duty of every citizen as responsible citizen to file return within due date, as Direct tax is one of important source of revenue collection of Govt, base on this govt get data on collection of revenue from direct Tax.
According to the Section 234F of the Income Tax Act a fee for non filing (or late filing) of the Income Tax Return within due date prescribed under section 139(1) of the Act is leviable. The same is leviable in respect of the I T returns for the Assessment Year 2018-19 and onwards.
Central Gujarat Chamber of Tax Consultants has submitted a letter to Hon’ Finance Minister of India on 19th July 2018 requesting Extension of Due Date in respect of filing ITR by to 2 Months i.e. 30.09.2018 and 30.11.2018 respectively. Earlier a letter was also written by Karnataka State Chartered Accountants Association to Extend Income Tax […]
Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?
Based on my conversation with my friends who are salaried I gather the impression that majority of the employees are under the impression that they are not required to file any ITR if appropriate income tax has been deducted from their salaries. Most of them take deduction of tax at source as filing of the ITR by the employer.
As the Financial Year of 2012-13 is about to end, most of the employees get busy with their income-tax planning, increment calculation etc but if they are wishing to avail Home Loan, Personal Loan or any other loan from Financial Institutions and are NOT regular in filing Income Tax Returns
Finance Act, 2017 inserted a new Section 234F for levy of Late Filing Fee on belated returns. The newly inserted section has become applicable w.e.f. 01.04.2018 and therefore belated returns filed for AY 2018-19 onwards would be governed by the provisions of this Section.
The income tax return season is in full swing with 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any further details.
Late fee Under Section 234F of Income Tax Act, 1961 for Filing of Income Tax Return After due due date or Late Filing of Income Tax Return is common discussion among taxpayers/tax consultants. We should analysis the section 234F of Income Tax Act, 1961.