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...
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.
Assessees as well as tax-practitioners are very much worried about the penal provisions in section 234F of the Income Tax Act, 1961 as well as harsh provisions in respect of newly introduced section 80AC of the Act where return of income is not furnished upto due date under section 139(1) of the Act.
Representation On Relaxing The Application Of Section 234F Of Income Tax Act And Extension Of Due Date For Filing Income Tax Returns Of Individuals And Small Businesses
It is an old disease in India that regardless of repetitive updates, there are sure tax assessees who turn a deaf ear and neglect to meet the due date for Income Tax Return Filing. They are utilized to record late returns or neglect to document the return of income. This has happened on the grounds that, before the present arrangement of income tax, penalty on late filing of return was not compulsorily upheld by the Department. Thus, tax assessees used to take the provision of timely filing of return for granted. From the financial year 2018-19 onwards, another section has been presented, i.e. Section 234F of Income Tax Act-1961 for a penalty for late ITR filing.
Delay in filing income tax return is going to be painful now onwards. A new section 234F has been inserted into the income tax act which describes the late fees on account of filing belated returns.
