234F penalty

Page no : 2

ajay (Student) (178 Points)
Replied 13 November 2018

So in this case no fee will be levied as total income is zero.

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 13 November 2018

Okay Dear...

Please give some clarity from Your view and understandings about sec 139(1) with the following case

Mr A's total income Rs 250001 ...

ajay (Student) (178 Points)
Replied 13 November 2018

Since A's total income exceeds basic exemption limit he has to file return as per section 139(1). If he didnt file return with in the due date then he will be liable to pay penalty as per 234F. So He has to pay a fee of 1000 rs. since his total income is less than 500000

My opinion is simple bro, if persons income before taking any deductions and exemptions exceeds basic exemption limit then that person has to file return. If he fails to file return then 234F applicable which depends on total income i.e taxable income.

139(1) Calculation : Total income (Taxable) + Deductions + Exemptions (10A/10b/10BA)

234F calculation : Total Income (Taxble Income)

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 13 November 2018

Is the Assessee have some deductions Rs 10k u/s 80C.... Then What is Your opinion...?

ajay (Student) (178 Points)
Replied 13 November 2018

File income tax return and pay penalty bro

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 13 November 2018

Ha ha ha ha... okay bro..

GOOD LUCK.. ENJOY WITH YOUR VIEWS... 😇😇😇

ajay (Student) (178 Points)
Replied 13 November 2018

Okay bro i will enjoy with my views but u said that 234F will be kicked at point 6. it will not be kicked at point no 6 it will be kicked at point no. 8 . If you wont believe me you can check in itr also.

Thanks

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 13 November 2018

Okay Dear...
Already filed some returns. No more doubts.

GOOD LUCK.

ajay (Student) (178 Points)
Replied 13 November 2018

Hope this attachment will solve the issue

Attached File : 1417077 20181113160018 word.rar downloaded: 40 times

Nitesh bind (Student CA Final ) (12692 Points)
Replied 14 November 2018

Yes, As per Section 234F any Assessee who is required to file the Income tax return u/s 139 has not filed the return within time limit given u/s 139(1) then this fee shall be levied.

Further, In your case @ Hanna this a case of Proprietor therefore SIXTH PROVISO to Sec 139(1) shall also be considered which says as inter alia any Individual whose Total Income Before taking section 10A/10B/10BA/CHAPTER VIA/10(38) exceed the maximum exemption limit shall be required to file the income tax return.
THERE IS NOTHING SAID ABOUT SET OFF because set is done before GTI and NOT after GTI.

So in your case fee under Section 234F would be Rs. 1,000/- ONLY and Not 5,000/-.