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Penalties and FINE

Bishal Dutta (101 Points)

05 July 2018

Is fine will be imposed If we file direct tax return with income below taxable after 31 st july?

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5 Replies

CA Ankit R Momaya (Partner at Bhat Momaya & Associates) (2319 Points)
Replied 05 July 2018

Yes, Penalty u/s 234F will be levied. The amount of penalty will be restricted to Rs. 1000

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R. CA (121 Points)
Replied 05 July 2018

No fine will be imposed as your income is below the taxable limit there is no legal obligation to file the return.

KOUSHAL JAIN (Chartered Accountant) (471 Points)
Replied 05 July 2018

Penalty will be applicable of Rs. 1000 u/s 234F

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 05 July 2018

Penalty of Rs.1,000 /- will be levied.

"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.