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.