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 applied under section 234F if the individual would need to furnish the income return under the provision of the income tax act hence when he does not need to furnish the income return under the income tax act furnished the income return, however under section 139 after the mentioned time limit he does not obligate to file the fee under section 234F. For instance when the person poses a loss in the business and he would not need to furnish the income return though he furnished the same voluntarily, the same was performed post to the last date. He is not obligated to file the fee under section 234F. But in the case a late return is furnished, he would not enable to take their loss for the future.
A fee under section 234F shall be levied on returns filed under sub-sections 4A, 4B, 4C, 4D, 4E, and 4F of section 139.
When the taxpayer does not furnish the income tax return where he was needed to furnish that and further notice is served under section 142(1)(i) seeking him to furnish the income return in the specified time duration beneath the said notice, the taxpayer shall need to furnish the fees under section 234F.
When the assessing officer provides his best judgment assessment then the taxpayer is obligated to furnish the fee under section 234F.
A fee under section 234F would be mandatory to get paid as self-assessment tax prior to furnishing the income return.
When the taxpayer has furnished the fee under section 234F, it is a deductible expenditure beneath the head P/G/B/P.

Comments

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog