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Penalty for late filing of Income Tax Return

Amit Jain (Proprietor ) (538 Points)

25 October 2019

If a proprietorship/partnership firm filed their Audit Report on time but file the Income Tax Return after due date what will be late fine for late filing of return.

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15 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 25 October 2019

Late fee as per sec 234F...

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Amit Jain (Proprietor ) (538 Points)
Replied 26 October 2019

Audit Filing late fee of .5% or 1.5 lacs whichever is lower will not be charge???

Kapadia Pravin (17264 Points)
Replied 26 October 2019

Late fee for late filing of return depend upon taxable income (under 234F)

a. 1000 if taxable income < 5 lakhs
b. 5000 if > 5 lakhs upto 31st Dec
c. 10000 if > 5 lakhs upto 31st March 2020

Gross Total income upto basic threshold then no late fee .

2) penalty under 44AB for late filing of Audit report is 0.5% of turnover or Gross receipts - subject to a maximum of Rs 150000/-

(but here no penalty as audit reports were uploaded.)

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 26 October 2019

@ Mr Amit Jain...

Yes... You are exactly correct for the late fee of Audit Filing.

But, As per Your query Audit filed by You. So, The late fee / penalty not levied.

Only applicable sec 234F...

Amit Jain (Proprietor ) (538 Points)
Replied 26 October 2019

Thank you for your reply

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sabyasachi mukherjee (27811 Points)
Replied 30 October 2019

Late fee for filing returns are as follows:
SEC 234A-COMMENCING ON THE DATE IMMEDIATELY FOLLOWING THE DUE DATE FOR FILING RETURN OF INCOME AND ENDING ON
A) THE DATE OF FURNISHING THE RETURN( WHERE RETURN FILED AFTER THE DUE DATE.
B) THE DATE OF completion of assesment under sec 144.
Amount on which interest is. payable
calculated as under:
1. tax on total income section 143(3) or section 147
or 153 A
if the assesment is made for the first time under section 147 or 153 A.
2. from the tax so determined adv tax paid. tax deducted or collected at source relief u/ sec 89, 90 90a 91
MAT CREDIT UNDER SECTION 115 JAA.

Kapadia Pravin (17264 Points)
Replied 29 December 2019

Late fee (popularly called Penalty) for return filing is as per section 234F.

234 A B C are for levy of interest sections and they are penalty for late filing.

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 29 December 2019

You are most welcome Mr Amit Jain...

Kapadia Pravin (17264 Points)
Replied 29 December 2019

Post your feedback Mr. Amit
Forum provides featured like Follow and Like . You can make use of that. 👍

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 29 December 2019

Originally posted by : Amit Jain
	Thank you for your reply

AMIT LEAVE THIS QUERY WITH CLOSED ON 26/10/2019 .... YOU ARE WAKE UP THIS QUERY TODAY AGAIN

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Kapadia Pravin (17264 Points)
Replied 29 December 2019

One more feature of Forum is facility of Personal messaging ( inboxing) Go to leaderboard and send message to any particular member. That's a very helpful feature

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 29 December 2019

Originally posted by : Kapadia Pravin
	One more feature of Forum is facility of Personal messaging ( inboxing) Go to leaderboard and send message to any particular member. That's a very helpful feature

okay... follow the same