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...
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.
Understand the penalty and consequences for late filing of income tax returns (ITR). Know the due dates and avoid unnecessary penalties.
Learn about the consequences of late filing of income tax returns and the late fee under Section 234F of the Income Tax Act.
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?
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.
Presently the Madras High Court is seized of an application for Writ, challenging the constitutionality of Section 234F of the Income Tax (IT) Act, 1961, which prescribes a fee for delay in filing IT Returns.
Article explains Consequences of late filing/ non filing of Income Tax Return which includes- Loss of interest on Refund in case the same is due to the assesee, belated return cannot be revised, Even a few of deductions are also not and Both the interest and penalty levied
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 […]
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.
