Late fee / Penalty to file Income Tax Return after due date. Section 234F of Income Tax Act, 1961

 

 

A new Section 234F has been inserted to Income tax Act, 1961 with Effect from Financial Year 2017-18 (Assessment Year 2018-19).

The due date for filing income tax return for salaries persons and those who are not liable to get their account audited was 31.08.2018. For Assessees of flood affected state of Kearala, the due date for filing Income Tax Return has been extended to 15.09.2018.

 

 

 

As per section 234F of the Income Tax Act, 1961, all those assessees who has not filed income tax return before due date are liable to pay fee/penalty under Section 234F of the Income tax Act, 1961 calculated as under:

Total Income Return filing date Penalty (Fee)
Upto Rs. 5 Lakhs After due date Rs. 1,000/-
Above Rs. 5 Lakhs Return filed on or before 31st December of the Assessment year but after due date Rs. 5,000/-
  In Any Other Case Rs. 10,000/-

 

Provision Under Section 234F of Income tax Act 1961

New inserted provision under the act is as under:

"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."

 

 

 

Income tax Act 1961

What are the Definitions under Income Tax 1961? Section 2 of Income Tax Act 1961

What is Previous Year? What is Charge of Income tax? Section 3 and 4 of Income Tax Act 1961

What is Scope of total income? What is Apportionment of income between spouses governed by Portuguese Civil Code? Section 5 and 5A of Income Tax Act 1961

What is Residence in India? What is Income deemed to be received? Section 6 and 7 of Income Tax Act 1961

What is Dividend income? Section 8 of Income Tax Act 1961

What is Income deemed to accrue or arise in India? Section 9 of Income Tax Act 1961

What is the meaning of Certain activities not to constitute business connection in India? Section 9A of Income Tax Act 1961

What are the Incomes not included in total income? Section 10 of Income Tax Act 1961

What is the Special provision in respect of newly established undertakings in free trade zone, etc? Section 10A of Income Tax Act 1961

What is the Special provisions in respect of newly established Units in Special Economic Zones? Section 10AA of Income Tax Act 1961

What is the Special provisions in respect of newly established hundred per cent export-oriented undertakings? Section 10B of Income Tax Act 1961

What is Special provisions in respect of export of certain articles or things? Section 10BA of Income Tax Act 1961

What is Meaning of computer programmes in certain cases? Section 10BB of Income Tax Act 1961

What is Special provision in respect of certain industrial undertakings in North- Eastern Region? Section 10C of Income Tax Act 1961

What is Income from property held for charitable or religious purposes? Section 11 of Income Tax Act 1961

What is Income of trusts or institutions from contributions? Section 12 of Income Tax Act 1961

What is Conditions for applicability of sections 11 and 12? Section 12A of Income Tax Act 1961

What is Procedure for registration? Section 12AA of Income Tax Act 1961

What is Section 11 not to apply in certain cases? Section 13 of Income Tax Act 1961

What is Special provision relating to incomes of political parties? What is Special provisions relating to voluntary contributions received by electoral trust? Section 13A and 13B of Income Tax Act 1961

What are Heads of income? What is Expenditure incurred in relation to income not includible in total income? Section 14 and 14A of Income Tax Act 1961

What is Salaries? What are Deductions from salaries? Section 15 and 16 of Income Tax Act 1961

What is Salary, perquisite and profits in lieu of salary? Section 17 of Income Tax Act 1961

How to Deposit TDS on Sale of Property? How to Fill Form No. 26QB to to Deposit TDS on sale of Property? Income Tax Act 1961

 

 

 

Section 22 to 35E of Income Tax Act 1961

Section 36 to 44 DB of Income Tax Act 1961

Section 45 to 54H of Income Tax Act 1961

Section 55 to 80 of Income Tax Act 1961

Section 80ab to 80hhe of Income Tax Act 1961

Section 81 to 92 of Income Tax Act 1961

Section 92A to 112 of Income Tax Act 1961

Section 113 to 115JF of Income tax Act 1961

Section 115JG to 115WM of Income tax Act 1961

Section 116 to 134 of Income tax Act 1961

Section 135 to 150 of Income Tax Act 1961

Section 151 to 160 of Income Tax Act 1961

Section 161 to 180 of Income Tax Act 1961

Section 181 to 200A of Income Tax Act 1961

Section 201 to 230 of Income tax Act 1961

Section 231 to 250 of Income tax Act 1961

Section 251 to 270 of Income Tax Act 1961

Section 270A of Income Tax Act is to impose penalty for under reporting and misreporting of income w.e.f 1.4.2017

Immunity available to genuine tax payers under Section 270AA of Income Tax Act against penalty under section 270A.

Section 271 to 198 of Income Tax Act 1961

 

 

 

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