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Showing posts from October, 2022

Taxpayer Need to Furnish Fee U/S 234F for Penalty on Late Filing of ITR

Section 234F would be elaborated on in this article which draws some transparency to the application of the section. Since we learned about the income return would not get furnished on or prior to the last date under section 139 then we are obligated to file the late fee of Rs 5000 under section 234F. But there is a restriction of the amount of Rs 1000 if the taxpayer's total income is less than Rs 5,00,000 complying with some of the points that could draw the transparency on the application under the section. Section 234F would be the “Fee for default in furnishing the return of income” that directed section 234F is for the late filing of the income return and for non-filing of income return. For instance, if the return would not be furnished via taxpayer and the assessing officer gives his excellent judgment of the assessment under section 144 including the tax, interest, and penalty, the fee under section 234F shall be needed to be filed via the taxpayer. A fee would get applie