Fee or Penalty for the Default in the Filing of Return of Income (Individual)
Section 234F
Section 270A
- Penalty is 50% of Tax Payable on under-reported Income.
- Under-Reported Income means:
In a case where Income has been assessed for the first time
- If Return not furnished, the difference between the amount of income assessed and the maximum amount not chargeable to tax.
- If Return has been furnished, the difference between the amount of income assessed and the amount of income determined under clause (a) of sub-section (1) of section 143;
In a case where Income has been already assessed
- The difference between the amount of income reassessed or recomputed and the amount of income assessed, reassessed or recomputed in a preceding order.
Section 276CC
Wilfully fail to furnish Return of Income, and
- If evaded amount of Tax > 25 lakhs then rigorous imprisonment from 6 months to seven years with fine.
- If evaded amount of Tax ≤ 25 lakhs then rigorous imprisonment from 3 months to two years with fine.
No prosecution If,
- Return is furnished by him before expiry of assessment year, or
- Tax Payable upto Rs 10,000.
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