Penalty U/s 234F
DIPANSHU (Practictioner) (89 Points)
13 June 2018
whether penalty will be levied if total income is upto rs 300000 and itr filed after 31st July 2018 for Ay 2018-19
16 Replies
Sunil Ahmad
(Student)
(1511 Points)
Replied 13 June 2018
Since your total income is less than Rs.5 lakh rupees , the maximum penalty for late filing of income tax return has been capped at Rs.1000 under Section 234F.
DIPANSHU
(Practictioner)
(89 Points)
Replied 13 June 2018
but it is not compulsory to file itr in my case then also penalty shall be levied.?
Y GOPI REDDY
(GREAT POLITICAL LEADER)
(378 Points)
Replied 13 June 2018
The provision is based on total taxable income not on tax amount
Conclusion: Fine will be levied even total Income is nil(0)
Insertion of new section 234F.
76. 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.".
Conclusion: Fine will be levied even total Income is nil(0)
Insertion of new section 234F.
76. 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.".
Ashish Khillan
(Gaining knowledge)
(1039 Points)
Replied 13 June 2018
if ur income is less than 250000 before any deduction, then no penalty is charged after due date
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 14 June 2018
If You / We are not file on or before 31st July (Non Tax Audit Case) then Late filing Interest/fee applicable as per New Amendment/insertion of sec 234F...
Sarfaraj Ansari
(19 Points)
Replied 16 June 2018
अगर itr 31जुलाई के बाद फ़ाईल किया है मगर आयकर छूट सीमा के अन्दर अपनी income दिखाई जती है तो क्या लेट फी लगेगी या नही
plz क्लियर करने की कृपा करे ।
sagzp73 @ gmail.com
8545873214
plz क्लियर करने की कृपा करे ।
sagzp73 @ gmail.com
8545873214
Amit Kumar Bansal
(Job/Blogger)
(688 Points)
Replied 16 June 2018
Under this section, "if the taxpayer is required to file income tax return and also entitled to fill the return, but doesn't fill in the prescribed time limit". He/She is entitled to pay the penalty.
Amit Kumar Bansal
(Job/Blogger)
(688 Points)
Replied 16 June 2018
If the taxpayer net taxable income is above ₹ 5 Lakhs, there are two scenarios:
- Filling of Income Tax return after 31st July till 31st December force taxpayer to pay the penalty u/s 234F of ₹ 5000.
- Filling of Income Tax return after 31st December till 31st March force taxpayer to pay the penalty u/s 234F of ₹ 10000.
Vertika
(Co-Founder)
(23 Points)
Replied 18 June 2018
Yes the late fees under section 234 F would be levied when your income is more than 250000.
For details refer tax2win guide on 234F.
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