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Jan 23, 2020 · Article explains Applicability of section 234F of the Income Tax (Late fees for default in filing of income tax return), Amount of late fees payable under section 234F of the Income Tax Act and answers Frequently Asked Question (FAQs) on Section 234F.
May 23, 2024 · Section 234F of the Income Tax Act pertains to the late filing fee or penalty for late filing of income tax returns in India. In this guide, we have covered each and every aspect related to the applicability of Section 234F as per the Income Tax Act 1961.
Penalty for Late Filing u/s 234F. As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs.5,000.
[ (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 the said section, he shall pay, by way of a fee, a sum of five thousand rupees : Provided that if the total income of the person does not exceed five lakh ...
Jan 5, 2024 · Section 234F of the Income Tax Act, penalty introduced to address late filing ITR & assessee filing returns after the due date, Consequences, late fees, Payment through challan No. 280.
Nov 2, 2023 · As per Section 234F of the Income Tax Act, if a person is required to file an Income Tax Return (ITR) as per the provisions of the Income Tax Law [section 139(1)] but does not file it within the prescribed time limit then late fees have to be deposited by them while filing their ITR form.
As per section 234F of the Income-tax Act, taxpayers must pay a penalty for delay in filing ITR. In simple words, if you fail to file your tax returns within the deadline for the current year i.e., 31st of July, you might end up paying up to INR 5,000 as penalties.
