CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Discover importance of filing a late income tax return, consequences of missing deadline, and a step-by-step guide for online fili...
Income Tax : Learn about consequences of not verifying your Income Tax Return within 30 days. Avoid penalties, delayed refunds, and loss of ben...
Income Tax : Late fee is charged on delay in filing of Original return and not revised return because revised return take the shoes of original...
Income Tax : Demystifying section 234F of Income Tax Act 1961: Learn about late fees for non-filing or late filing of income tax returns....
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : Chartered Accountants Association, Jalandhar has made a request to FM for Extension of specified date of filing tax audit report a...
Income Tax : Joint representation fo Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 ...
Income Tax : Request for Extension of the specified date of filing the Tax Audit Report and other forms falling due on or before 15th January 2...
Income Tax : Rajasthan BJP Economic Cell has made a request for extension of due date of furnishing of Report of Audit under provision of the I...
Income Tax : ITAT Delhi held that in order to claim exemption under Section 13A of the Income Tax Act by the political party it is necessary to...
Income Tax : ITAT Mumbai allows the claim of deduction u/s. 80JJAA for the assessment year 2020-21, as the taxpayer had filed the original retu...
Income Tax : Fees for late filing of income tax returns under section 234F was a fixed charge not a penalty for the extra service which the D...
All Odisha Tax Advocates Association has issued a notice to CBDT for refusing to extend the due date of filing returns of the assessees of Odisha for the Assessment Year: 2021-2022 after 31/12/2021 and imposing late filing fee under section 234F of the Income Tax Act, 1961 in spite of many technical glitches in the […]
Issue faced in Intimation under section 143(1) with respect to Late Fees under section 234F of Income Tax Act, 1961 Currently the Income Tax authority Centralize Processing Centre (CPC) is issuing intimation for Assessment Year (AY) 2020-21 (FY 19-20) as well as AY 2021-22. In the intimation generated for AY 2020-21, the CPC is levying […]
Major amendment pertaining to Due date of Filing of Belated return or Revised return Rationalisation for Reducing time to file belated return and to revise original return and its effect on other provision of Income Tax With the massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless […]
Understand the implications of Section 234F for late filing of income tax return and the applicable late fees.
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 […]
Understand the penalty for failure to furnish income tax return. Learn about the increased late fees and provisions under Section 234F of the Income Tax Act.
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 other case;
Avoid late filing and misreporting of income tax return. Learn about the penalties and fines for missing the deadline and making mistakes.
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.
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 […]
