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Section 234 F , Why this section ?

Eswar Reddy S (CFO- at NHTF) (58213 Points)

06 March 2022

Already we are paying interest under different sections ,

Will 234F late fees allow us to file past 5 years ITR with late fees ?

What if the deadline is missed for past 3 years ? Can the e filing be done ?

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13 Replies

sabyasachi mukherjee (26126 Points)
Replied 06 March 2022

What's the gross total income of the assesse?
There are 3 conditions.

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Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 06 March 2022

Why it is required ?

Will gross total income allow us to file past 3 years ITR if it's below 5lacs ?

sabyasachi mukherjee (26126 Points)
Replied 06 March 2022

There are penalties , interest for various nature of anamolies. Sec 234A , SEC 234B, SEC 234C ,SEC 234d and Sec 234f.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 06 March 2022

Question is different.Kindly try to answer the questions..3Marks questions.

Answer has -3 marks

CA Surya Sekar (CFO ) (1347 Points)
Replied 06 March 2022

234F is for late fee to file the returns before due date..

But it can't allow you to file past years ITR filing.

Gross total income is relevant for quantum of late fee under section 234F but it's not relevant for filing past 3 to 5 years ITR Filing.

You must contact local AO to file time barred ITR Filing

Hope you give + 3 marks now

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 06 March 2022

2.5Marks granted & balance will be given for below question.

Already paying interest for 234A then why 234F ?

CA Surya Sekar (CFO ) (1347 Points)
Replied 06 March 2022

Section 234A is applicable only if the ITR filing is after due date & if there is any pending tax liability ..

234F is applicable irrespective of tax liability.Its applicable if the ITR filing is done after due date but before the deadline for belated Returns

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 06 March 2022

What will happen if we skip the ITR filing ?

No benefit from filing ITR.

Nobody question if it's not filed ..If there is tds in 26AS then only there can be possibility of notice..

My friends govt officers , they have 6lacs salary They didn't file ITR from many years..No notice has come.

If you file ITR once & stop in between then only problem araise

sabyasachi mukherjee (26126 Points)
Replied 06 March 2022

They follow Sec 115BAC

Samantha J (1236 Points)
Replied 20 March 2022

Sec 234F is not so twisted as people have made it here ! It's a simple section! bare act is self explanatory!

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 20 March 2022

Ayyo seetha !!

Is it the answer for above query ?

Narayan Narayan !!!

Samantha J (1236 Points)
Replied 20 March 2022

You came too fast! Your reply would have been different had you held on and read the bare act wordings of sec 234F!

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 20 March 2022

As per section 234F of the Income-tax Act, taxpayers must pay a penalty for delay in filing ITR. In simple words, if you fail to file your tax returns within the deadline for the current year i.e., 31st of December, you might end up paying up to INR 5,000 as penalties.

1 Like