WebJan 16, 2024 · Section 234F. Last updated on January 16th, 2024. In Budget 2024, the government inserted a new section under the Income Tax Act to penalize late filers of tax returns. Therefore, from FY 2024-18, in case of delay in filing a tax return by an individual whose income exceeds the basic exemption limit, a penalty is levied under section 234F. … WebJan 6, 2024 · Those who were not able to file their returns by the due date can still do so but they have to pay penalty fee for late ITR filing. From FY 21 or Assessment Year 2024-22 (AY22), the penalty amount for late filing beyond ITR filing deadline was reduced to Rs 5,000 from Rs 10,000 earlier. However, there is a small category who can still file ITR ...
Employers to pay hefty penalties on late NHIF payments
WebApr 13, 2024 · Interest and late payment penalties continue to apply during the installment period. The late payment penalty is 0.25 percent per month of the amount owed. If the … 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 ITRs from FY 2024-18). Earlier, taxpayers … 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 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 … 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 … See more hail damaged car auction
Some taxpayers may not have to pay penalty for belated ITR filing; …
WebJan 16, 2024 · The penalties for non-payment of advance tax are: Non-payment of Advance Tax u/s 234B 3: Interest at 1% in case the taxpayer fails to pay 90% of the tax liability in … WebThe Late Filing penalty is 5% of the tax due. Moreover, the DOR will assess an additional 5% for each extra month the return is late, up to a maximum of 25% of the tax due. The … WebCheckout this Video to know about How to Pay Late Fee 234F in Income Tax Portal How to Pay Late Fee for Income Tax Returnhow to pay late fee income tax how... hail damage car dealerships