penality clause
assessee has no tax liability for A.Y.2018-19. he wants to file return after due date. for this 234F is applicable. please clarify.
Replies (4)
if you total income below 250000 than no tax liability under 234F
234 F is regarding penalty for belated return after due date which states
penalty will be
5000- if filed after due date but upto 31st December
10000-in any other case
however penalty will be reduced to 1000 if incase total income is upto 5 lakhs.
so the assessee since has no tax liability,so there is no penalty under section 234 F.
penalty will be
5000- if filed after due date but upto 31st December
10000-in any other case
however penalty will be reduced to 1000 if incase total income is upto 5 lakhs.
so the assessee since has no tax liability,so there is no penalty under section 234 F.
thanks for detailed information.
| Originally posted by : Krishna Kant shah | ||
 |
234 F is regarding penalty for belated return after due date which statespenalty will be 5000- if filed after due date but upto 31st December10000-in any other casehowever penalty will be reduced to 1000 if incase total income is upto 5 lakhs.so the assessee since has no tax liability,so there is no penalty under section 234 F. |  |
Even if NO TAX LIABILITY still a 1000/- INR penalty applicable from today ...message from the government is simple , either be compliant or face at least 1000/- INR monetary fine for late filling ....
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