dear
sir
if now filed income tax return penalty 5000 is applecable
Menu
income tax return
Replies (5)
penalty will be applicable as per the net income less than 5lakhs penalty will be 1000rs. unless penalty will be 5000ra
Let’s understand the quantum of fee that would be payable under section 234 F on the following income and return filing date through an example :
| Total Income | Income Tax Return Filing Date | Fees 234F |
|---|---|---|
| 3,00,000 | 05/07/2018 | NA |
| 6,00,000 | 31/07/2018 | NA |
| 10,00,000 | 25/07/2018 | NA |
| 25,00,000 | 10/08/2017 | 5,000 |
| 4,00,000 | 10/01/2019 | 1,000 |
| 9,00,000 | 15/10/2018 | 5,000 |
| 4,50,000 | 13/11/2018 | 1,000 |
| 18,00,000 | 15/02/2019 | 10,000 |
See section 234F for panalty
The due date of filing Income Tax returns for Financial Year 2017-18 (Assessment Year 2018-19) is 31/08/2018 for salaried taxpayers.
The fee (penalty) will be as follows:
Total Income Return filed Fee (Penalty)
Exceeds Rs. 5 Lakh On or before 31st December of Assessment Year but after due date Rs. 5,000/-
In any other case Rs. 10,000/-
Upto Rs. 5 Lakh After due date Rs. 1,000/-
Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing of return was levied at the discretion of Assessing Officer. But now, the same is payable before filing of Income-tax return.
Recent Topics :
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
Related Topics :
CAclubindia
