Sec 234F QUESTION OF THE YEAR ? Sec 234F IS APPLICABLE OR NOT ?

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PALASH

Nothing

2000 Points Joined June 2012

Sec 234F QUESTION OF THE YEAR ?

Provision : As per section 234F , if a person is required to file Income Tax Return , as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit i.e, 31sy july 2018 , then late fees have to be deposited by him while filing his ITR form.

Sec139(1) Mandatorily file your income tax return means " if your income exceeds the basic exemption limit then you are mandatorily required to file the return. Currently, it is Rs.2,50,000 (for individuals below 60 years) "

Now Question OF THE YEAR ?

If my client's net income falls below exemption limit ( i.e, NOT MANADATORY TO FILE HIS RETURN OF INCOME ) i.e, below of Rs 2.5 lacs and he WANTS TO FILE return after 31st july 2018,

then Sec 234F IS APPLICABLE OR NOT ?

Regards.

Replies (7)

Jatin

Accountant

3479 Points Joined August 2014

If your income is above Rs. 2,50,000.00 before claim any deduction, you are liable to pay late fee if return not filed on time.

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Yes... Sec 234F is applicable for belated return...

As per Your above said details the Assessee don't want file his ITR...
But, He want file his ITR Valundary basis then He will file on or before 31st July 18. If not then the sec levied...

PALASH

Nothing

2000 Points Joined June 2012

It's quite impossible to file all of my client's ( upto income of Rs 10 lacs ) income tax return within 31st july 2018 , still 150+ returns are require to be submitted with 10 days , so it's not possible for me .

then what should i do ?

Regards

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

If "GROSS TOTAL INCOME" (Before any deductions) is BEL then the sec 234F is not levied...

Vinod Babu

24196 Points Joined May 2018

Agreed with Mr Palash.
Anyway try to file returns before the due date.
Employee additional staff for filing returns.

PALASH

Nothing

2000 Points Joined June 2012

There are different opinions by different members over here , i still think that below exemption limit cases , 234F is not applicable even if return filed after 31st july 2018.