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Reg section 234F

VICKY SINGH (1 Points)

09 July 2018

Section 234F is applicable on non taxable income or income below the taxable limit

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8 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law) (4429 Points)
Replied 09 July 2018

PENALTY U/S 234F IS APPLICABLE TO ALL THOSE WHO DONT FILE RETURN, IRRESPECTIVE OF INCOME TAXABLE OR NON TAXABLE.

Uday Katyal (Student) (36 Points)
Replied 09 July 2018

Section 234 F applies to person who are REQUIRED TO FILE. a return. So if your income is below exemption limit before claiming deductions then 234F should not apply. Isn't it ?

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 09 July 2018

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

Ruchika Somani (Coaching and Practice in Tax Audit Law) (4429 Points)
Replied 10 July 2018

Even if GTI is less than BEL return need to be filed on time i.e before due date.

Uday Katyal (Student) (36 Points)
Replied 10 July 2018

Language of 234F starts with "person required to file a return" i.e. if GTI before 10(38) and deductions is above basic exemption.. If GTI below basic exemption, person is not "required to file" a return and hence 234F would not apply. Please correct me wherever I'm wrong. Would appreciate. Thanks.

Ruchika Somani (Coaching and Practice in Tax Audit Law) (4429 Points)
Replied 10 July 2018

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.