Categories: Income Tax

Section 234F -Fee for delay in filing Income-tax return

Section 234F -Fee (Penalty) for delay in filing Income-tax return

  • Under this section, the fee (penalty) is levied if the Income-tax return is not filed within the due date.
  • As per Section 234F of the Income Tax Act. Provisions of 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.
    • If a person who is compulsorily required to file Income Tax Return (ITR) under section 139, doesn’t file a 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 the due date Rs. 5,000/-
In any other case Rs. 10,000/-
Upto Rs. 5 Lakh After the due date Rs. 1,000/-

 Let us discuss the above provision below:-

AMOUNT OF PENALTY

For a person with a Total Income of more than Rs. 5,00,000. The 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 a person with a Total Income of up to Rs. 5,00,000 – Rs. 1,000

Online Income Tax Return Filing in India | INCOME TAX E-FILING

  • E-Filing Income Tax return is a filling process via this Associations/ Individuals/HUF/Businesses provide details related to their income whole Financial year and accordingly Income tax if needed to filed.
  • Income tax e-filing  Process comes into existence when the final income of the assesse is computed from all the sources and Subsequent income tax is computed.
  • Different Income Tax form is specified that is based on the Income sources earned by assesse.

We offer 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. The 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.

Why you required expert advices for ITR e-filling expert?

  • As the deadline to submit income tax returns near, the pressure on paid individuals grows. Due to the large number of annual expense filers in recent times,
  • It’s extremely difficult to find a CA or income tax filer who is ready to work for less money. Saving money on taxes is a major concern, particularly for people who get paid on a monthly basis.
  • A re-visitation of getting back the allowance as TDS is required for some people.
  • Few common mistakes which many persons or individuals do during the e-filing, Income tax return filling process like as:
    • Placing in incorrect personal details
    • Choosing an incorrect Income tax form
    • Failure in Form 26AS & TDS information reconciliation
    • Missing to reporting of source of Income
    • Possible deductions that could be claimed

Income tax e-filing 2020-21 have so many different deductions, new ITR forms, income tax slab rates & income tax return due date extended etc.

So as to minimize your Income tax amount and maximise your Income effectively you should required to be in touch with our ITR e-filing experts.

Contract us to Know more about the consequences and penalties for late filing income tax returns. We also handle tax & registration services , We are always available with the best of our assistance and services for you.

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Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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