Query U/s 234F ?
For AY 2018-2019, If i want to file income tax return of my own client's ( EXAMPLE : LIC agents , small / medium class businessman , service provider etc having net income less than Rs 2.5 lacs ) after 31st july 2018 , then
1) As per section 234F , Penal provision ( Penalty of Rs 1000/= ) will attract or not ?
Regards
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.
So if i want to file a LIC agent's return of income below of Rs 2.5 lacs after 31st july 2018 , then Rs 1000 late fees is applicable for him or not ?,
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