Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

U/S 234F INCOME TAX RETURN FILE AFTER 31/07/2018 HAVING INCOME LESS THAN RS 2.5 LACS .

PALASH (Nothing) (2000 Points)

19 July 2018

Query U/s 234F ?

For AY 2018-2019, If i want to file income tax return of my own client's ( EXAMPLE : LIC agents , small / medium class businessman , service provider etc having net income less than Rs 2.5 lacs ) after 31st july 2018 , then

1) As per section 234F , Penal provision ( Penalty of Rs 1000/= ) will attract or not ?

Regards

Reply
Follow
Share

5 Replies

Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 20 July 2018

Definitely attracts

it is irrespective of tax liability.
but subjected to income limit if income below 5lacs (may be 0 income also)
max fine 1000

Upgrade to CAclubindia Pro. Subscribe Now!

Gauri Shanker Lal Srivastav (218 Points)
Replied 20 July 2018

If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

PALASH (Nothing) (2000 Points)
Replied 20 July 2018

Sec 234F QUESTION OF THE YEAR ?

Provision : As per section 234F , if a person is required to file Income Tax Return , as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit i.e, 31sy july 2018 , then late fees have to be deposited by him while filing his ITR form.

Sec139(1) Mandatorily file your income tax return means " if your income exceeds the basic exemption limit then you are mandatorily required to file the return. Currently, it is Rs.2,50,000 (for individuals below 60 years) "

Now Question OF THE YEAR ?

If my client's net income falls below exemption limit ( i.e, NOT MANADATORY TO FILE HIS RETURN OF INCOME ) i.e, below of Rs 2.5 lacs and he WANTS TO FILE return after 31st july 2018,

then Sec 234F IS APPLICABLE OR NOT ?

Regards.

PALASH (Nothing) (2000 Points)
Replied 20 July 2018

So if i want to file a LIC agent's return of income below of Rs 2.5 lacs after 31st july 2018 , then Rs 1000 late fees is applicable for him or not ?,