INCOME TAX BE AWARE OF SEC-234F (FEES) OF ITR

BE AWARE OF SEC-234F (FEES) OF ITR

 

Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions of the Section 234F of the Income Tax Act are as follows. 

Section 234F: New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. This penalty is applicable for the assessment year commencing from 1st Day of April, 2018. If a person who is compulsorily required to file Income Tax Return (ITR) under section 139, doesn’t file return on time then he is liable to a penalty as follows 

Total Income Return filed Fee (Penalty)
Exceeds Rs. 5 Lakh On or before 31st December of Assessment Year but after due date Rs. 5,000/-
In any other case Rs. 10,000/-
Upto Rs. 5 Lakh After due date Rs. 1,000/-

Let us discuss the above provision below:-

 

AMOUNT OF PENALTY

 

For person with Total Income of more than Rs. 5,00,000. Penalty amount would be as follows:-

  1. If ITR is filed on or before 31st December following the last date – Rs. 5,000
  2. If ITR is filed after 31st December – Rs. 10,000

For person with Total Income of up-to Rs. 5,00,000 – Rs. 1,000

 

Before 1st April 2018 – Penalty for Late Filing would be as follows-

Up to FY 2016-17, taxpayers who do not file their income tax return in stipulated time period are liable to a fine (penalty) of Rs. 5,000.

It is further noted that liability to pay the penalty of Rs.5,000 is arises when an Income Tax Officer issues a notice for a late filing of income tax return. It is worthwhile to note that the penalty for late filing of income tax return is based on the conclusion of the assessing officer.

Contract us for Know more about consequences and penalty for late filing income tax return. We also handle tax & registration services  

We offering our service in ​all Taxation and Various Registration related services ​managed by professional , our bouquets of services portfolio are:

S.No. COMPLIANCES NATURE OF COMPLIANCES
1 INCOME TAX Return Filing, Tax Deposit, TDS Returns, TAN, PAN, MAT, Tax Planning, NRI Taxation, Scrutiny, Assessments, Representing for Appeals etc.
2 GST Registration, GST Tax Deposit, Monthly & Annually Return Filing, Input Credit, Department Notice, Assessment, And Other Compliance.
3 COMPANY PVT. LTD./LTD/LLP Company Incorporation, Minutes, Annual Filing, Income Tax Return Filing, Routine Compliance, Section 8 Company, Nidhi Company, Inspection & Investigation for Mergers & Takeover.
4 SOCIETY/ TRUST (NGO) Registration of Society/Trust, All India society, MOA, Income Tax Return Filing, Registration 80G & 12A, Utilization Certificates, Regs in NITI Aayog/NGO Darpan, etc.
5 PARTNERSHIP FIRM Partnership Deed, Registration, Accounting, Income Tax Return Filing etc
6 PROPRIETOR FIRM Registration, Accounting, Income Tax Return Filing, Refund etc.
7 IMPORT-EXPORT CODE Registration

 

​ & ​

Amendment

8 ACCOUNTING ​Accounting  of  Prop. Firm, Partnership Firm, Company, Trust, Society, Proper Accounting in Tally, Ledger Management, Inventory Management etc
9 OTHER REGISTRATION &COMPLIANCE SSI/MSME REGS, ESI, EPF, GMP CERTIFICATION, CGMP, HACCP, SA 8000, UL MARKING, CE MARKING ETC.

 We are always available with best of our assistance and services for you.

 

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

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