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Section 234f

347 views 10 replies

Vikas Mahajan

157 Points Joined February 2018

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)

Suresh Rathi

34 Points Joined August 2018

Yes, for filing ITR 234f will be attracted

Vikas Mahajan

157 Points Joined February 2018

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.

damodar sarda

CA Practice

184 Points Joined September 2013

234 F will not attract.

vinayak landge

B.Com

136 Points Joined July 2015

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

sabyasachi mukherjee

28118 Points Joined May 2017

Agricultural income is not taxable as such.

damodar sarda

CA Practice

184 Points Joined September 2013

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,—

Sagar Patel

Tax and Business Consultant

11616 Points Joined July 2015

@ 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...

Vikas Mahajan

157 Points Joined February 2018

Thank u @ sagar patel

Sagar Patel

Tax and Business Consultant

11616 Points Joined July 2015

Most welcome.......

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Joined February 2019

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.