WebPrior to AY 2024-19, a taxpayer filing belated income tax return was required to pay a penalty of Rs.5,000/- under section 271F. This penalty was levied at the discretion of the Assessing Officer (AO). In general, the Assessing officers were waiving off the penalty for belated return [u/s 139 (4)] if: Income was below the taxable threshold limit. WebAs per section 234F of the Income-tax Act any taxpayer who does not file their tax returns by the 31st of December (for the current year) but does so before the 31st of December, …
ITR Filing AY 2024-23 Rs 5,000 Penalty if you Miss Income Tax …
WebIs there a fine for late tax return? Late Filing Fees u/s 234F For instance after due date for FY 2024-21 which is 31st Dec 2024. The maximum penalty is Rs. 10,000. If you file your ITR after the due date (30th Sep) but before 31 December, a penalty of Rs 5000 will be levied. WebIf 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. Before 1st April 2024 – The penalty for Late Filing would be as follows-. Up to FY 2016-17, … hometown bagel knife
Penalty on late filing of Income Tax Return- Section 234F
WebJul 18, 2024 · Hence, late fee U/s 234F is not applicable on any assessee who is not liable to file income tax return as per above provision. Example: – An individual (age below 60 years) having Gross total income Rs. … WebJul 31, 2024 · The interest shall be charged u/s 234A, where tax payable is more than Rs. 1 lakh as computed above, even if full tax is paid before 31.07.2024 but Income tax return is not filed before due date and for section 234A still the due date for filing return of income is 31.07.2024 for people who are not liable to audit and whose normal due date is ... WebAdditional Tax u/s 140B, Late Fee and last date to File updated ITR Return How these fees are payable? As per Finance Act, Late fees under section 234F can be paid by the way of Self-Assessment Tax u/s 140A. Therefore, through Challan 280, under the head of Self-Assessment Tax, these fees can be paid from FY 17-18 and onwards. hometown bacolod