Penalty of rs 5,000 & rs 10,000
This query is : Resolved
06 April 2017
Would anybody let me know as from which assessment year exactly penalty of Rs 5,000 & 10,000 shall be levied on late filing of income tax return ? Can it be waived off. ?
06 April 2017
From assessment year 2018-19 and on wards per section 234F.
07 April 2017
From assessment year 2018-19
If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.
However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.
If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.
However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.
07 April 2017
Thank u Mr Gopal Somani yrs tarique rizvi 982 1630 130
07 April 2017
Thank u Mr warrier for your guidelines yrs tarique rizvi 982 1630 1300
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
