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Section 234F - Fee for default in furnishing return of income - Income Tax - Ready Reckoner - Income TaxExtract Section 234F - Fee for default in furnishing return of income [Inserted by FA, 2017, w.e.f. 1-4-2018 ] (1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139 , fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,- (a) ₹ 5,000/-, if the return is furnished on or before the 31st day of December of the assessment year; (b) ₹ 10,000/- in any other case: if the total income of the person does not exceed ₹ 5,00,000/-, the fee payable under this section shall not exceed ₹ 1,000/-. (2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.
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