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Fee or Penalty for the Default in the Filing of Return of Income (Individual)

Section 234F

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;
Consequences of not filing the ITR

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

  1. If evaded amount of Tax > 25 lakhs then rigorous imprisonment from 6 months to seven years with fine.
  2. If evaded amount of Tax ≤ 25 lakhs then rigorous imprisonment from 3 months to two years with fine.
 

No prosecution If,

  1. Return is furnished by him before expiry of assessment year, or
  2. Tax Payable upto Rs 10,000.
 

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Category Income Tax, Other Articles by - Sahil Dhingra 



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