Late fee for ay 2020-2021
Anup Gaikwad (122 Points)
20 January 2021
I not itr return file in ay 2020- 21 and penalty amt show in rs 10000. what I will do?
7 Replies
prasad Nilugal
(3924 Points)
Replied 20 January 2021
Please refer section 234F of the Income Tax act 1961 for late fees .
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 20 January 2021
You have to pay the penalty compulsorily
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 20 January 2021
If your income is more than 500000 you have to pay penalty of rupees 10000 and if your income is less than 5 lakh then you have to penalty of 1000 but if your income is less than 2.5 you don't have to pay any penalty.
Kapadia Pravin
(17264 Points)
Replied 21 January 2021
Penalty is by default as per 234F. No authority to AO to either cancel, waive or reduce it discretionary.
subbu appala
(article trainee)
(152 Points)
Replied 21 January 2021
Net taxable income = Gross total income - deductions u/s 80C to 80U
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 23 January 2021
GTI -Deduction under chapter VI
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