PENALTY U/S 234F IS APPLICABLE TO ALL THOSE WHO DONT FILE RETURN, IRRESPECTIVE OF INCOME TAXABLE OR NON TAXABLE.
If GTI is less than BEL then no need to file ITR...
The same way GTI is above BEL then required filing of ITR and On or Before Due Date. If not filed On/before due date then Sec 234F is levied as per section's limits
Even if GTI is less than BEL return need to be filed on time i.e before due date.
Return of income.
139. (1) Every person,—
(a) being a company or a firm; or
(b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed54 form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :
Provided that a person referred to in clause (b), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification in the Official Gazette, and who during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or at any time during the previous year fulfils any one of the following conditions, namely :—
(i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or
(ii) is the owner or the lessee of a motor vehicle other than a two- wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or
(iii) [***]
(iv) has incurred expenditure for himself or any other person on travel to any foreign country; or
(v) is the holder of a credit card, not being an "add-on" card, issued by any bank or institution; or
(vi) is a member of a club where entrance fee charged is twenty-five thousand rupees or more,
shall furnish a return, of his income during any previous year ending before the 1st day of April, 2005, on or before the due date in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed
234F will be applicable as per above.
| Originally posted by : Uday Katyal | ||
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Agreed Ma'am, but 139 (1) (b) as quoted above specifically excludes person having TI below exemption limit right ? | ![]() |
Read the para from word Provided.
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