Section 234F

Late Fees under section 234F

Income Tax - Late Fees U/s 234 F As per section 234F if any assessee who is liable to file return u/s 139 fails to file return on or before the due date specified u/s 139(1) is liable to pay late fees u/s 234F. Analysis of section 234F: Liable Assessee : Any assessee who is liable to file […]...

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Penalty for failure to furnish Income Tax Return

Income Tax - Penalty for failure to furnish return of income under Income Tax Act, 1961.  We can say that the penalty for late filing of income tax return stands increased with effect from 1st April 2018 pursuant to Section 234F of the Income Tax Act, 1961 (‘the IT Act’).  In case a person fails to the file the income […]...

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Avoid Heavy Penalty: Ensure Timely Filing of Tax Return

Income Tax - Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

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Late Filing of Income Tax return & Misreporting – Beware

Income Tax - In our county many people have tendency of waiting till last to file Income Tax return and at the end some time they end up either misreporting of income or they miss the deadline. In Recent few years late filing penalty has been increased significantly. Last date for the filing of income tax return for […]...

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Section 234F Late fees for default in filing of income tax return

Income Tax - Article explains Applicability of section 234F of the Income Tax (Late fees for default in filing of income tax return), Amount of late fees payable under section 234F of the Income Tax Act and answers Frequently Asked Question (FAQs) on Section 234F. The taxpayer generally assumes that once the taxes are being paid, their duty […]...

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Section 234F Fee for delayed filing of return causing undue hardship

Income Tax - The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

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6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax - Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

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Fee for late-filing of ITR is not penalty but a charge for extra service: HC

K. Nirai Mathi Azhagan Vs Union of India (Madras High Court) - Fees for late filing of income tax returns under section 234F  was a fixed charge not a penalty for the extra service which the Department had to provide due to the late filing of the Income Tax return....

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Recent Posts in "Section 234F"

Late Fees under section 234F

Late Fees U/s 234 F As per section 234F if any assessee who is liable to file return u/s 139 fails to file return on or before the due date specified u/s 139(1) is liable to pay late fees u/s 234F. Analysis of section 234F: Liable Assessee : Any assessee who is liable to file […]...

Read More
Posted Under: Income Tax |

Penalty for failure to furnish Income Tax Return

Penalty for failure to furnish return of income under Income Tax Act, 1961.  We can say that the penalty for late filing of income tax return stands increased with effect from 1st April 2018 pursuant to Section 234F of the Income Tax Act, 1961 (‘the IT Act’).  In case a person fails to the file the income […]...

Read More
Posted Under: Income Tax | ,

Avoid Heavy Penalty: Ensure Timely Filing of Tax Return

Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

Read More
Posted Under: Income Tax | ,

Late Filing of Income Tax return & Misreporting – Beware

In our county many people have tendency of waiting till last to file Income Tax return and at the end some time they end up either misreporting of income or they miss the deadline. In Recent few years late filing penalty has been increased significantly. Last date for the filing of income tax return for […]...

Read More
Posted Under: Income Tax |

Fee for late-filing of ITR is not penalty but a charge for extra service: HC

K. Nirai Mathi Azhagan Vs Union of India (Madras High Court)

Fees for late filing of income tax returns under section 234F  was a fixed charge not a penalty for the extra service which the Department had to provide due to the late filing of the Income Tax return....

Read More

Section 234F Late fees for default in filing of income tax return

Article explains Applicability of section 234F of the Income Tax (Late fees for default in filing of income tax return), Amount of late fees payable under section 234F of the Income Tax Act and answers Frequently Asked Question (FAQs) on Section 234F. The taxpayer generally assumes that once the taxes are being paid, their duty […]...

Read More
Posted Under: Income Tax |

Section 234F Fee for delayed filing of return causing undue hardship

The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

Read More
Posted Under: Income Tax |

Penalty & Consequence for Late Filing Income Tax Return (ITR)?

The taxpayers are required to file their income tax return (ITR) before the set due date of the Assessment Year. The deadline for filing your ITR are as follows: ♠ 31st July of the Assessment Year for all taxpayers who are not liable to get their accounts audited. ♠ In case of taxpayers whose accounts […]...

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Posted Under: Income Tax |

Late Fee for Delayed Filing of the Income tax Return

Though most of understand that the filing of ITR is very important still there are large number of people who are always confused whether the filing of ITR is necessary or not? What are the consequences of non-filing of ITR in time? The answer to these questions is yes as there are various provisions under […]...

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Validity of Late Fees / Interest U/s. 234A,B,C,F by CPC Bengaluru

Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?...

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Posted Under: Income Tax |

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