234F applicability

Mohan Kale (341 Points)

10 January 2022

Is late fee U/s. 234F applicable even when income of an assessee is below the income chargeable to tax?

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CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 10 January 2022

Yes 234F fees will apply on the following basis:

If Gross Total Income upto Rs. 2.5 Lacs - Nil

If Gross Total Income upto Rs. 5 Lacs - Rs. 1000

If Gross Total Income above Rs. 5 Lacs - Rs 5000

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 10 January 2022

If assessee is not required to file return as per conditions specified under sec. 139(1) of IT act, no late will be charges.

I.e. Gross income should be below exemption limit.

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sabyasachi mukherjee (25988 Points)
Replied 10 January 2022

Sec 139(1) is a basic condition.
Assesses lower than exemption limit are not required to file return except otherwise required.

dhruv Parekh (3 Points)
Replied 21 February 2022

But what if Person to file return on due date applicable to the audit firm where person is a partner ?

CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 21 February 2022

The due date for IT return filing will be 15th March 2022 in the case of such partner

Mohan Kale (341 Points)
Replied 21 February 2022

What if the assessee has gross taxable income less than 2.5 lakh and exempt income more than 5 lakh? Will late filing fee be applicable?

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