234F late fee
Arvind (Student) (36 Points)
29 October 2022
234F late fee for file IT returns AY 2020-21 & AY 2021-22
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178014 Points)
Replied 29 October 2022
For Filing ITR of AY 2020-21 & 2021-22 Sec. 139(4) of IT act is not applicable, & so also sec. 234F of IT act...
For details of late fees u/s. 234 F Click on this
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178014 Points)
Replied 29 October 2022
But for filing the sale ITR u/s. 139(8a) of IT act...... penalty is levied as below...
1. If the updated return is being filed within 12 months from the end of the relevant assessment year, then an additional income tax of 25% and interest thereon shall be payable.
2. If the updated return is being filed within the period of 13 months to 24 months from the end of the relevant assessment year, then an additional income tax of 50% and interest thereon shall be payable
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 30 October 2022
234F is applicable only if the annual income is above 2.5lacs for updated return u/s 139(8A)
Arvind
(Student)
(36 Points)
Replied 31 October 2022
It's possible to file below basic exemption limit 2.5lakh ?? for the AY 20-21 & AY 21-22
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178014 Points)
Replied 31 October 2022
Had you filed these returns earlier?
Or it is to be filed first time?
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 31 October 2022
Filing can be done if there is tax liability
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