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Section 234f
if a person has 10lakh agriculture income and it is the only income of a.y 19-20. so, now if we file itr of a.y 19-20 , whether 234f attracted?
Replies (10)
Quick Summary
Yes, for filing ITR 234f will be attracted
But as per 234f if total income exceeds maximum amount chargeable to tax then he is liable to pay penalty under 234f. but in my case whole income is exempt.
234 F will not attract.
I think, if total income is upto 5 lakh then there Rs. 1000 penalty. In your case the total income is 0, but still if you file the return after due date penalty of 1000 will be attracted
Agricultural income is not taxable as such.
Fee for default in furnishing return of income.
234F. [1] Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section [1] of the said section, he shall pay, by way of fee, a sum of,—
234F. [1] Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section [1] of the said section, he shall pay, by way of fee, a sum of,—
@ Mr. Vikas Mahajan
If a Person has 10 Lakh (or let's say 1 Crore) Agriculture income and it is the only income of A.Y 19-20. And if now, you file ITR of A.Y 19-20, than ther is "NO LATE FEE" u/s 234F as your total income is Exempt from tax...
If a Person has 10 Lakh (or let's say 1 Crore) Agriculture income and it is the only income of A.Y 19-20. And if now, you file ITR of A.Y 19-20, than ther is "NO LATE FEE" u/s 234F as your total income is Exempt from tax...
Thank u @ sagar patel
Most welcome.......
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.
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