WebDec 20, 2024 · The intimations issued u/s.143 (1) of the Act on processing of revised returns for A.Y.2024-23 is reducing refund by charging late fees of Rs.5000/- u/s 234F. It is therefore advisable to kindly scrutinize the intimations issued on processing of revised return. The reason behind charging late fees is computerized processing of returns and it ... WebFeb 15, 2024 · Section 234F- Penalty and Charges for Filing Late Income Tax Return Updated on February 16, 2024 , 10434 views. In 2024, the government introduced a new section 234F of income tax Act 1961 to ensure timely filing of the Income Tax Returns.So, not filing your ITR on time can lead to penalty along with other related consequences.
How to File ITR 1 Sahaj Form Online for AY 2024-24 (Easily)
WebPenalty for failure to furnish return of income under Income Tax Act, 1961. We can say that the penalty for late filing of income tax return stands increased with effect from 1st April 2024 pursuant to Section 234F of the Income Tax Act, 1961 (‘the IT Act’). In case a person fails to the file the income tax return within the prescribed time limit, he would be liable to … WebFeb 17, 2024 · Note: The time limit to file the income tax return u/s 139(1) or revised income tax return u/s 139(4) or belated income tax return u/s 139(5) ... Add: Late Fees u/s 234F. Add: Additional Tax @25% on above tax+interest: In 2 nd year after relevant AY Tax Payable on additional income. Add: Interest on additional income ... safeway dog food products
ITR 2024-22: What do you lose if you file a belated income tax …
WebJun 16, 2024 · Section 234f is introduced just to add a penalty for those taxpayers who use to procrastinate their national duty to file the income tax return on time. Always use to file … WebJan 21, 2024 · Penalty. If the return is furnished after the due date of filing but on or before the 31st day of December. Rs. 5,000. In any other case i.e if file after 31 st December. Rs. 10,000. Note: If the total income of the person does not exceed Rs. 5,00,000/-, the penalty payable under this section shall not exceed Rs. 1,000/-. WebApr 10, 2024 · The Orissa High Court held the Central Board of Direct Taxes (CBDT) for issuing the circular as the taxpayer is not able to file an ITR because of technical issues. Mr J. Sahoo, Senior Counsel for All Odisha Tax Advocates Association, the applicant places before the Court copy of the judgment on 13th January 2024 of the Gujarat High Court in ... safeway do money orders