Section 234F late fee

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Dev (Querist)

21 July 2018 Dear experts, if income below exemption limit like only 2 lakhs and i file return after due date.. will late fee u/s 234f be applicable or not??

CA Ankit R Momaya

CA Ankit R Momaya (Expert)

21 July 2018 Yes, late fee u/s 234F will be levied. But the amount will be restricted to Rs. 1,000/-

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

21 July 2018 https://www.caclubindia.com/experts/penalty-for-it-return-of-ay-2018-19--2674989.asp#1238009

RAJA P M

RAJA P M (Expert)

22 July 2018 If Your Gross Total Income is less than BEL then sec 234F is not levied...

Dev

Dev (Querist)

24 July 2018 but what if during assessement, it officer disallow some of my expenses. and my income reaches above exemption limit.. I heard that AO cant impose or waive off late fee u/s 234F.

RAJA P M

RAJA P M (Expert)

25 July 2018 I think you are confused about GTI...?

The word "Gross Total Income" means your all income. Not expenditures...

Dev

Dev (Querist)

25 July 2018 I understand.. but what i m trying to say.. suppose i filed itr 3 after due date and my Gross total income before deduction chapter VI A ..₹ 240000.. which is below basic exemption limit.. but during assessment they disallow some of my expenses ₹ 40000 which was claimed in itr. in that case Gross Total Income 240000+ 40000 = 280000 will reach above exemption limit as per assessment done by officer. how they will impose sec 234F after assessment ??

RAJA P M

RAJA P M (Expert)

25 July 2018 Yes... I correctly said You are not understand correctly for GTI...

GTI - 240,000
VI-A - (40,000)
Taxable income - 200,000....

If the deduction is disallowed then it will reversed to your Taxable Income and It's now 240,000...

Note : As per your above said value is not under BEL. The said value under under 139(1) ITR required... If You are filed after 31st July then the sec levied.

Dev

Dev (Querist)

25 July 2018 Sir, i never said deduction was disallowed.. i said some of expenses which was claimed against profit was disallowed.. I think expenses and deduction, both are different.. After claiming all the expense you got 240000.. if IT officer disallow some expenses of ₹ 40000.. Profit will reach 280000..

Dev

Dev (Querist)

25 July 2018 I m again repeating my query.. suppose if i show GTI below exemption limit and file itr after due date, but during assessment IT officer finds that my GTI is above exemption limit.. will IT officer impose sec 234F after assessment and raise demand notice??

Dev

Dev (Querist)

25 July 2018 Sorry.. disturbing again n again.

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