Taxontips
No Result
View All Result
Wednesday, February 1, 2023
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

File Income tax return by tomorrow or pay Late fees of Rs. 10,000

Income tax Expert by Income tax Expert
January 9, 2021
in Income Tax News
0
Penalty u/s 234F for late filing of income tax return along with some disadvantages
120
SHARES
1.5k
VIEWS
image_pdfPDFimage_printPrint

Income tax return is an important yearly compliance which is done by most of the individuals.

Initially the due date for income tax return was:

31st July for assessee other than those who are required to get their accounts audited or partners whose firm are getting audited.

31st October for assessee whose accounts are getting audited or partners whose firm are getting audited.

Here, assessee such as company, LLP who get their accounts audited in any other law or trust who file Form 10B for then the due date would be 31st October, however their director needs to file return till 31st July.

During the year due to the lockdown and other issues the due dates were extended many a times and now the latest due dates are as under:

For assessee whose due date were 31st july now their due date is 10.01.2021.

For assessee whose due date were 31st October now their due date is 15.02.2021.

As per section 234F if the income tax return is not filed with the due date, late fees shall be charged which is as under:

For assessee whose Income is below exemption limit late fees would be Rs. 0

For assessee who income is above exemption limit and below Rs. 5 lakh, late fees would be Rs. 1,000.

For assessee who income is above Rs. 5 lakh, late fees would be Rs. 10,000.

In section 234F there is even a late fees of Rs. 5,000 for assessee with income above Rs. 5 lakh if the return is filed after due date but before 31st December of the assessment year. However, since the due date this year is after 31st December now all assessee whose income is above Rs. 5 lakh late fees would be Rs. 10,000.

Hence, now either the due date is Rs. 1,000 or Rs. 10,000.

 

If you wish to file Income tax return you can book your Income tax return here: https://www.taxontips.com/income-tax-return/

image_pdfPDFimage_printPrint
Tags: income tax returnlate fees
Previous Post

No cooling period for Bank Branch Audit for CAs - RBI

Next Post

Gujarat High court directs CBDT to consider extension of due date for Income tax Audit and Income tax return before 12.01.2021

Related Posts

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023

January 30, 2023
Penalty for Non filing or Late filing of Tax audit report – Section 271B and condonation in filing Tax Audit report
Income Tax News

Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty

January 26, 2023
GST registration
GST news

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022

January 19, 2023
No TDS on interest income upto Rs. 40,000 from bank – Section 194A Limit revised
Income Tax News

E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

January 18, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of SFT reporting in case of interest removed by Income Tax Department

January 13, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Provisions related to Set off of losses under various heads of Income during the year in Income Tax Act

January 10, 2023 - Updated on January 11, 2023
Next Post
Gujarat High court directs CBDT to consider extension of due date for Income tax Audit and Income tax return before 12.01.2021

Gujarat High court directs CBDT to consider extension of due date for Income tax Audit and Income tax return before 12.01.2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?

Recent Comments

  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023 - Taxontips on Instructions issued by CBDT in response to judgement passed by Hon’ble Supreme court in case of notice issued u/s 148 after 01.04.2021
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023 - Taxontips on Supreme court Judgement on controversial issue of notice u/s 148 issued after 01.04.2021 passed in favor of Revenue | Detailed analysis of full judgement
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony - Taxontips on What is ‘Halwa ceremony’, performed before the budget at Ministry of Finance? What does it signify? | Pre budget facts
  • Leonard Linton on Clarification for the purposes of Section 269ST of the I.T. Act in respect of dealership/distributorship contract in case of Co-operative Societies
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - Update - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    
  • GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning 79.3k views
  • How to pay Membership and COP fees of ICAI for 2020-21 | 77.8k views
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods 68.1k views

Recent Notification

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023

January 30, 2023
Final stage of Union Budget 2023-24 commences with Halwa Ceremony

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

January 28, 2023

RSS Taxontips

  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update
  • ICAI has launched free task management or practice management software for members in Practice
  • Clarification regarding the treatment of statutory dues under GST law [Read circular]
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting
  • Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!

ITR 1 to 7 now available for FY 2021-22!!File your ITR with an experienced Chartered Accountant

Now File your Income Tax return for F.Y. 2021-22 with an Experienced Practicing Chartered Accountant and not just with any person like other websites offer. Return filing starts at Rs. 500/-

Book ITR filing with Expert

Never see this message again.

Subscribe for Latest Tax Updates
You name
Yourname@email.com

Never see this message again.