Personal Injury – BRISUN Law Firm http://www.brisunlawfirm.com/home Company Registration, GST, ITR, Trade Mark, Import & Export Code Provider in Raj Nagar Extension Mon, 19 Apr 2021 11:39:08 +0000 en hourly 1 https://wordpress.org/?v=5.6.10 http://www.brisunlawfirm.com/home/wp-content/uploads/2019/04/favicon.png Personal Injury – BRISUN Law Firm http://www.brisunlawfirm.com/home 32 32 Income Tax Department To Refund Late Fee If Wrongly Charged! http://www.brisunlawfirm.com/home/personal-injury/http-www-brisunlawfirm-com-home-personal-injury-income-tax-department-to-refund-late-fee-if-wrongly-charged/ http://www.brisunlawfirm.com/home/personal-injury/http-www-brisunlawfirm-com-home-personal-injury-income-tax-department-to-refund-late-fee-if-wrongly-charged/#respond Sun, 12 Mar 2017 08:14:36 +0000 http://localhost/industro/?p=77 The income tax department has conceded there has been an inadvertent error while processing income tax returns (ITR) of partners of firms whose accounts are liable to be audited. The taxman has assured that it will rectify the error on its own and expel the late fee charge.

For other individual ITR filers, the last date was July 31 however was extended to August 31.

Section 234F was introduced to ensure timely filing of returns of income. However, inadvertently, the ITR utility also levied the fees on the partners of the partnership firms, whose due date for ITR filing are linked with that of the partnership firm.  Now amending the inadvertent error, the Income-tax authorities have decided to remove the penalty charged u/s 234F.

Documentation Of ITR

For the financial year 2018-19 (evaluation year 2019-20), all working accomplice of a firm whose records are required to be examined should document their ITR by September 30, 2019 which was later extended to October 31. For those living in Jammu and Kashmir and Ladakh, the last date has been additionally extended to November 30.

  • All persons including Individual, HUF, company, partnership firms, etc are liable to pay late filing fees under Section 234F, if the ITR is filed after their respective due dates.
  • For those filing ITR after the due date but within 31 December are charged ?5,000 and the penalty increases to ?10,000 January onwards.
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