234-F Penalty of Rs 1000

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An individual filed their ITR-4 for AY 19-20, which was later found defective. They then filed a revised return using ITR-1 on January 7, 2020, reporting the same taxable income. However, they received an intimation demanding a Rs 1000 penalty under Section 234-F. The query seeks clarification on whether this penalty is applicable, especially since the gross total salary was £2,90,000 and taxable income after deductions was £2,13,000.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)

09 February 2020 Respected Sir,

On 03-10-19 I had filed ITR-4 for the Ay 19-20 showing taxable income after all deduction of Rs 2,13,00 out of gross total income of Rs. ,2,50,000 on account of salary but returned was found defective in ITR-4 and later on 07-01-20 I had filed ITR-1 u/s 139 (9) showing the same income as above. But the intimation received on account of the revised return is demanding a penalty of Rs 1,000 u/s 234-F. Even in this return the gross total salary was Rs 2,90,000 and taxable income after all the deduction was of Rs 2,13,00. Whether in such case 234-F penalty will be liable? Please guide me and oblige.

swasti

swasti (Expert)

10 February 2020 Please confirm that have you filed the return as Gross Total Income Rs 213000 or Rs 290000. If it is Rs 290000, then since it has crossed the basic exemption limit of Rs 250000, penalty is leviable u/s 234F

swasti

swasti (Expert)

10 February 2020 If the Gross Income exceeds exemption limit, penalty is leviable

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