234F applicability
Mohan Kale (376 Points)
10 January 2022
Is late fee U/s. 234F applicable even when income of an assessee is below the income chargeable to tax?
6 Replies
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 10 January 2022
Yes 234F fees will apply on the following basis:
If Gross Total Income upto Rs. 2.5 Lacs - Nil
If Gross Total Income upto Rs. 5 Lacs - Rs. 1000
If Gross Total Income above Rs. 5 Lacs - Rs 5000
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178001 Points)
Replied 10 January 2022
If assessee is not required to file return as per conditions specified under sec. 139(1) of IT act, no late will be charges.
I.e. Gross income should be below exemption limit.
sabyasachi mukherjee
(27574 Points)
Replied 10 January 2022
Sec 139(1) is a basic condition.
Assesses lower than exemption limit are not required to file return except otherwise required.
Assesses lower than exemption limit are not required to file return except otherwise required.
dhruv Parekh
(3 Points)
Replied 21 February 2022
But what if Person to file return on due date applicable to the audit firm where person is a partner ?
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 21 February 2022
The due date for IT return filing will be 15th March 2022 in the case of such partner
Mohan Kale
(376 Points)
Replied 21 February 2022
What if the assessee has gross taxable income less than 2.5 lakh and exempt income more than 5 lakh? Will late filing fee be applicable?
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