Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : Explains the statutory penalties, interest, and financial losses triggered by belated ITR filing. Highlights real case examples sh...
Income Tax : Highlights the legal obligations of timely ITR filing, penalties for delays, and the benefits of maintaining a clean financial rec...
Income Tax : Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed aft...
Income Tax : Explore the different types of assessments under the Income Tax Act, 1961, including self-assessment, regular assessment, and best...
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 Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : The ITAT Hyderabad held that delayed filing of Form No. 67 cannot result in denial of foreign tax credit under Section 90. It rule...
Income Tax : The ITAT Mumbai held that Section 69C cannot be invoked where expenditure is duly recorded in the books and its source is fully ex...
Income Tax : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : The Tribunal ruled that delayed filing or incorrect disclosure in Form 67 does not automatically disentitle an assessee from claim...
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.
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.
