The provisions of Section 234F (Fees for default in furnishing return of income) of the Income Tax Act,1961 are:-
Where a person required to furnish a return of income under section 139, fails to do so within due date, he shall pay:-
| (a) | Rs. 5,000/- if the return is furnished… |
1. What is Section 234F?
With reference to Section 234F of Income Tax Act, if it is mandatory for an individual/entity to file Income Tax Return (ITR forms i.e. ITR-1,2,3,4,5,6,7) as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit, then …