income tax penalty

196 views 9 replies

RUDRA

Income & Corporate Tax Lawyer

383 Points Joined August 2017

After section 234E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:—

"234F. Fees for default in furnishing return of income.—(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of,—

(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;(b) ten thousand rupees in any other case:

Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.".

under section 234f ....there is no where mentioned that ..there will be penalty if individual files return under exemption limits.
then what should I mean.

Replies (9)

rama krishnan

12244 Points Joined May 2017

where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum

this section applicable to one who required to file ITR

RUDRA

Income & Corporate Tax Lawyer

383 Points Joined August 2017

suppose that .. I'm filing a return of 240750 ..then will I liable for penalty or latefee

nikhil

221 Points Joined February 2014

if this is your Gross total income the yes, late fee shall be levied.
As per proviso to sec 139,in case of , individual, HUF, AOP,BOI , Artificial juducual person if Total income before claiming deduction u/s 10(38) & chapter VIA is greater than basic exemption limit then above mentioned person are required to file return.

rama krishnan

12244 Points Joined May 2017

if 240750 is your gross total income then you are not required to file ITR and as per act 234f should not be levied. but you just try once to check whether interest is levied or not

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Yes... I agreed to Mr Rama Krishnan.,

If Gross Total Income (Including All incomes in any of the heads and Also it's before of any deductions) is less than 2.5lakhs then the section not levied...

RUDRA

Income & Corporate Tax Lawyer

383 Points Joined August 2017

I have to file return ..of that amount
and in section 234f ..no where it is mentioned that...will penalty and interest levied on basics limit or not.
"Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees."
this is statement ..that there will atleast a 1000 penalty below 500000.
any one will tell that....if I file the return ...then there will be penalty or not.