Late Fees Under Section 234F for Revised ITR on 2.0 Website

Introduction of Income Tax Section 234F

The Government has introduced section 234F with the aim of facilitating timely compliance and filing of returns. Late fees are charged if you fail to file your tax return on time. If you have an audited case, the due date for filing is October. If you have an unaudited case, the due date is July. A taxpayer must pay mandatory late fees if he fails to file his income tax return within the due date.

Late Fees U/S 234F on Processing of Revised Income Tax Return

A late fee is levied when the original income tax return is delayed but not the revised income tax return since the revised return takes the place of the original tax return. However, because of transformations in the development of the new 2.0 income tax website, this section is currently overused, i.e. it is levied when processing revised income tax returns as well.

By charging late fees of Rs.5000/- u/s 234F, the intimation issued u/s.143(1) of the Act reduces the refund for the A.Y.2022-23. Therefore, it is very important to thoroughly review the notices issued on the processing of revised returns. Generally, late fees are charged as a result of computerized returns processing. A rectification request under section 154 for "reprocessing" can rectify the situation.

How Much are Late Fees on Tax Returns?

If the taxpayer fails to file his income tax return by the given due date then he will be charged late fees as per the income tax act. There are the following late fees:

A total income of less than INR 2.5 lacs	No Late fees are Levied
If your total income is up to INR 5 lakhs	INR 1000/-
If your total income exceeds INR 5 Lacs: Filing of the income tax return before 31st December Income tax return filed after December 31st till March 31st	INR 5000/- INR 10000/-

What is the Procedure for Paying Late Fees U/S 234F?

Particulars	Remarks
Challan No.	280
Type of Payment	Self Assessment (300)
In column Others	Fill 234F

It is often overlooked that we should scrutinize notifications sent after a client's return has been processed. Consequently, you or your client may lose Rs.5000/- as late fees on processing refund claims. Therefore, it is important to carefully examine notifications issued after returns are processed in order to take corrective action if necessary. There is a late filing fee of Rs.5000/- for returns filed after 31st December. For this reason, I ask you kindly to file your returns if you have not done so for A.Y.2022-23, i.e. F.Y.2021-22.

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

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

Search This Blog