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CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Understand the penalty for failure to furnish income tax return. Learn about the increased late fees and provisions under Section ...
Income Tax : I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includ...
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...
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 31S...
Income Tax : ITAT Rajkot sets aside CIT(A)'s ex parte penalty orders against Sunita Ashokabhai Sharma due to incorrect email service by tax dep...
Income Tax : Bombay High Court held that department have acted contrary to the SOP under section 144B of the Income Tax Act violating the princ...
Income Tax : ITAT Raipur held that entire addition of transaction in the hands of assessee under section 69 of the Income Tax Act as unexplaine...
Income Tax : Penalty imposed under section 271(1)(b) for non-compliance with a notice during the Covid-19 pandemic was deleted due to disruptio...
Income Tax : ITAT Chennai set aside the order and appeal restored back to the file of AO for denovo assessment, however, cost of Rs. 5,000 impo...
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?
Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax 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 […]
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.
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.
Avoid penalties for non-filing of ITR before December 31st, 2019. Learn about Section 271F and the consequences of not filing your income tax return on time.
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.
