TaxGuru Newsletter Subscription
Information You Can Rely On.
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 […]...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome 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 […]...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreK. 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
K. Nirai Mathi Azhagan Vs Union of India (Madras High Court) -
