Web4 minutes ago · 1. OUTWARD SUPPLIES: Reconcile the revenue from operations, other income as per financial statement and sale of fixed assets as per books of accounts with … WebFeb 22, 2024 · Section 234F of the Act imposes late fees if a person fails to file an income tax return within the said due date. However, the amount of fees varies due to variations …
Section 234F Late fees for default in filing of income tax return - TaxGuru
WebJan 31, 2024 · You will be charged an interest penalty under section 234C for the delay/non-payment of advance tax during the year @1 % per month on the shortfall amount. Additionally, under Section 234B a penalty interest is imposed on the taxpayers in case the advance tax payment is less than 90% of assessed tax liability during the year. WebApr 16, 2024 · For most individual taxpayers, the last date for filing their income tax returns for FY 2024-22 is the 31st of July 2024. Returns filed after the deadline would be considered belated returns and can be fined up to Rs 5,000. In case the person’s total income is lower than Rs 5 lakh, the fee payable is brought down to Rs 1,000. greater community cogic live streaming
Section 234F: What is the Penalty for Late Filing of …
WebJan 16, 2024 · How to Pay Penalty u/s 234F? Taxpayers can pay the penalty for the late filing fees via challan 280 through: TIN NSDL; IT Portal; Select the type of payment as “Self … As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs.5,000. From the financial year 2024 onwards, the income tax department has reduced the maximum amount of penalty for late filing of returns … See more Let’s say you are filing your ITR and you end up making a mistake. Under the changed rules, you only have time till the end of the relevant assessment year to make the change (for … See more If you do not file income tax returns on or before the due date, you would be required to pay interest at the rate of 1% for every month, or part of a month, on the amount of tax remaining unpaid as per section 234A. It’s important to … See more In case you’re entitled to receive a refund from the government for excess taxes you have paid, you must file your return before the due date to receive the refund at the earliest. See more If you have incurred any losses during the year say a loss under the head capital gains or any loss in your business, make sure you file your return within the due date. Not doing so will … See more WebFeb 15, 2024 · Check the following points and know the applicability of section 234F income tax: If a person's total gross income exceeds Rs.2.5 lakh (person below 60 years) Rs. … greater community first baptist church dallas