Section 271F

Penalty for failure to furnish Income Tax Return

Income 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 […]...

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Income Tax Compliance / Information at A Glance

Income Tax - I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

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Consequences of Late Filing of Your Income Tax Return

Income Tax - While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns. But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time....

Read More

Rs 10,000 Penalty if Not Filed ITR upto 31st December, 2019

Income Tax - As we all are aware that the Finance Act, 2018 has made a tremendous amendment in Section 271F. As per amendment, if a person who is required to furnish a return of his income under Section 139 of Income TAx Act, 1961, fails to furnish such return before the end of the relevant assessment year, […]...

Read More

Consequences of Non or Late Filing of the Income Tax Return

Income Tax - Many people came up with a query that what will happen if we do not file the Income Tax Return by 31st March. Here we are discussing only the adverse consequences of Non-Filing of the Income Tax Return....

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Section 234F Fee for delayed filing of return causing undue hardship

Income 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....

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No Section 271F penalty for delayed Income Tax Return filing due to financial difficulties

ACIT Vs Metric Stream Infotech (India) Pvt. Ltd. (ITAT Banglore) - ACIT Vs Metric Stream Infotech (India) Pvt. Ltd. (ITAT Banglore) There is a categorical finding returned by Ld.CIT(A) that assessee was unable to get loan from Citibank for meeting the expenses and Citibank also refused to extend the loan. Subsequently assessee was waiting for funds from the princip...

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Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax

Shankar Lal Kumawat Vs ITO (ITAT Jaipur) - Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 139(1)(b) provides that every person, being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount w...

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No Section 271F Penalty if Reasonable Cause exists for Non Filing of ITR

Arjun Dada Kharate Vs DCIT (ITAT Pune) - The issue under consideration is whether the Penalty u/s 271F will be levied for non filing of Income Tax Return even in case of reasonable cause?...

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Recent Posts in "Section 271F"

No Section 271F penalty for delayed Income Tax Return filing due to financial difficulties

ACIT Vs Metric Stream Infotech (India) Pvt. Ltd. (ITAT Banglore)

ACIT Vs Metric Stream Infotech (India) Pvt. Ltd. (ITAT Banglore) There is a categorical finding returned by Ld.CIT(A) that assessee was unable to get loan from Citibank for meeting the expenses and Citibank also refused to extend the loan. Subsequently assessee was waiting for funds from the principle which was received only after 31/03/2...

Read More

Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax

Shankar Lal Kumawat Vs ITO (ITAT Jaipur)

Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 139(1)(b) provides that every person, being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is […]...

Read More

Penalty for failure to furnish Income Tax Return

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 More
Posted Under: Income Tax | ,

Income Tax Compliance / Information at A Glance

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

Read More
Posted Under: Income Tax | ,

No Section 271F Penalty if Reasonable Cause exists for Non Filing of ITR

Arjun Dada Kharate Vs DCIT (ITAT Pune)

The issue under consideration is whether the Penalty u/s 271F will be levied for non filing of Income Tax Return even in case of reasonable cause?...

Read More

Consequences of Late Filing of Your Income Tax Return

While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns. But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time....

Read More
Posted Under: Income Tax | ,

Section 234F Fee for delayed filing of return causing undue hardship

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 More
Posted Under: Income Tax |

Rs 10,000 Penalty if Not Filed ITR upto 31st December, 2019

As we all are aware that the Finance Act, 2018 has made a tremendous amendment in Section 271F. As per amendment, if a person who is required to furnish a return of his income under Section 139 of Income TAx Act, 1961, fails to furnish such return before the end of the relevant assessment year, […]...

Read More
Posted Under: Income Tax |

Consequences of Non or Late Filing of the Income Tax Return

Many people came up with a query that what will happen if we do not file the Income Tax Return by 31st March. Here we are discussing only the adverse consequences of Non-Filing of the Income Tax Return....

Read More
Posted Under: Income Tax |

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