234F late fee

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Student
36 Points Posted on 29 October 2022
234F late fee for file IT returns AY 2020-21 & AY 2021-22
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On 29 October 2022 at 15:48 Report
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This discussion clarifies the applicability of the 234F late fee for Income Tax Returns (ITR) for Assessment Years 2020-21 and 2021-22. It explains that Section 234F is not applicable for filing under Section 139(4). However, for updated returns filed under Section 139(8A), penalties apply: 25% additional tax if filed within 12 months and 50% if filed between 13-24 months from the end of the assessment year, plus interest. The 234F fee is only relevant for updated returns where annual income exceeds £2.5 lakh.

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2 Points Posted on 29 October 2022
Interest rate?
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On 29 October 2022 at 16:07
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SEO Sai Gr. Hosp.
212475 Points Posted on 29 October 2022

For Filing ITR of AY 2020-21 & 2021-22 Sec. 139(4) of IT act is not applicable, & so also sec. 234F of IT act...

For details of late fees u/s. 234 F Click on this

 

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On 29 October 2022 at 16:25
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SEO Sai Gr. Hosp.
212475 Points Posted on 29 October 2022

But for filing the sale ITR u/s. 139(8a) of IT act...... penalty is levied as below...

1.  If the updated return is being filed within 12 months from the end of the relevant assessment year, then an additional income tax of 25% and interest thereon shall be payable.

2.  If the updated return is being filed within the period of 13 months to 24 months from the end of the relevant assessment year, then an additional income tax of 50% and interest thereon shall be payable

 

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On 29 October 2022 at 16:28
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CFO- at NHTF
58280 Points Posted on 30 October 2022
234F is applicable only if the annual income is above 2.5lacs for updated return u/s 139(8A)
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On 30 October 2022 at 02:05
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Student
36 Points Posted on 31 October 2022
It's possible to file below basic exemption limit 2.5lakh ?? for the AY 20-21 & AY 21-22
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On 31 October 2022 at 11:18
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SEO Sai Gr. Hosp.
212475 Points Posted on 31 October 2022

Had you filed these returns earlier?

Or it is to be filed first time?

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On 31 October 2022 at 12:23
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CFO- at NHTF
58280 Points Posted on 31 October 2022
Filing can be done if there is tax liability
4 Reply
On 31 October 2022 at 14:58

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