SEC 234F - Fee For Default In Furnishing Income Tax Retruns

Penalty for income tax return under section 234F has been introduced with effect from FY 2017-18 .

Section 139(5) gives a provision to revise the income tax returns as a response to any notice or if he discovers any omission or wrong statement in the filing of the income tax returns .

The returns could previously be revised from the end of relevant assessment year or before the completion of the assessment , whichever is earlier .

For example , if the returns were filed for FY 2016-17 , then an assessee could revise the returns until the end of one year from AY 2017-18 i.e. till the 31st of March 2019 .

However , with effect from 1st April 2018 , a person filing the returns starting from FY 2017-18 can only revise the returns till the end of the relevant assessment year .

For example , if a person has filed the income tax returns for FY 2017-18 , he has an option to revise the income tax returns only till the end of the relevant assessment year i.e. only until 31st of March 2018 .

Disclaimer:"The information contained herein is only for informational purpose and should not be considered for any particular instance or individual or entity. We have obtained information from publicly available sources, there can be no guarantee that such information is accurate as of the date it is received or it will continue to be accurate in future. No one should act on such information without obtaining professional advice after thorough examination of particular situation."

Prepared By

Varna Prakash

Happy to Help you

Contact :

Ankit C Shetty

[email protected]