Can ito levy penalty u/s 234f in revise income tax return?

santosh (Querist) 19 January 2020 This query is : Resolved
thank you sir for your answer

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Section 234F of the Income Tax Act imposes a fee for late filing of income tax returns, introduced from FY 17-18. This fee is levied in addition to any interest under Section 234A. While commonly referred to as a penalty, it's officially termed a 'late fee' and is automatically applied after the due date, with no discretion for the assessing officer. The tax department can also adjust excess TDS refunds against this fee.

Sb Karma (Expert) 20 January 2020
yes...depend on default value.

Raj Kumar Makkad (Expert) 20 January 2020
It would have been better to confine on the same threat even for paying thanks.

T. Kalaiselvan, Advocate (Expert) 29 January 2020
From F.Y 17-18, a new Section 234F was introduced. This section imposes fees on delayed/late - filing of Income Tax Return. This penalty would be levied in addition, to the existing Interest u/s 234A for late filing of income tax return.

According to the Income Tax Act, the amount payable under sec 234F is termed as late fees. But,it has been observed that in common parlance, many of us are designating the amount under sec 234F as the penalty instead of fees, which is not the case. The reason being that, this fee is steeper in nature in which the assessing officer has no role in deciding its applicability. It is automatically applied after the due date.
There is a provision for the income tax department will adjust the excess TDS deducted (which you would have received by the way of refund) in the payment of late fees under section 234F.

Rajendra K Goyal (Expert) 19 March 2020
It seems the query has been removed, hence, no reply possible.

Raj Kumar Makkad (Expert) 19 March 2020
It has not been removed but just for thanks, a new thread has been started by author.

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