Revised Charge for Delayed Filing of Tax Return– Budget Plan2017 Cost for postponed filing of return under Income tax act1961 Union spending plan 2017 exists by Arun Jaitley on 1st February 2017, In this budget plan govt revised Fees for Delayed Filing of ITR, Please inspect more details for “ Revised Cost for Delayed Filing of Income Tax Return– Budget Plan 2017” from below …
In view of the non-intrusive information-driven approach for enhancing tax compliance and efficient usage of information in tax administration, it is essential that the returns are filed within the due dates defined in section 139( 1 ). Further, the reduced time frame proposed for making from assessment are also based upon pre-requisite that returns are filed on time.
In order to ensure that return is submitted within due date, it is proposed to insert a brand-new section 234 F in the Act to provide that a cost for delay in furnishing of return will be levied for evaluation year 2018-19 and onwards in a case where the return is not submitted within the due dates specified for filing of return under sub-section (1) of area139 The proposed charge structure is as follows:–
- a fee of five thousand rupees shall be payable, if the return is provided after the due date but on or prior to the 31 st day of December of the assessment year;-LRB-
- a charge of ten thousand rupees will be payable in any other case.
Nevertheless, in a case where the total earnings does not exceed 5 lakh rupees, it is proposed that the cost quantity will not exceed one thousand rupees.
In view of above, it is proposed to make substantial change in section 140 A to include that in case of delay in furnishing of return of income, alongwith the tax and interest payable, fee for hold-up in furnishing of return of earnings will likewise be payable.
It is also proposed to make substantial modification in sub-section (1) of area 143, to supply that in computation of amount payable or refund due, as the case may be, on account of processing of return under the said sub-section, the fee payable under section 234 F shall also be taken into account.
Consequentially, it is also proposed that the arrangements of area 271 F in respect of penalty for failure to provide return of earnings shall not apply in respect of evaluation year 2018-19 and onwards.
These amendments will take effect from 1st April, 2018 and will, appropriately apply in relation to evaluation year 2018-19 and subsequent years.
[Clauses 56, 57, 75 & 85]
Please Download Finance Costs 2017 From Below link …
Financing Expense 2017, Direct tax Changes in Budget 2017– Download
Other Spending Plan 2017 Updates
- Disallowance of depreciation u/s 32 & capital expenditure u/s 35 ADVERTISEMENT on cash payment
- TDS Rates U/s 194 J Minimized from 10% to 2% by Finance Expense 2017
- Deemed profit u/s 44 AD reduced from 8% to 6% for digital deal
- Earnings Tax Due Dates
- Tax treatment of dividend gotten from a foreign business
- How to send Action for Exceptional Tax Need
- Additional Devaluation– Who can Avail?, schedule, Rate of Include Dep
- Tax Audit Limitation U/s 44 AB Increased From 1 Crore to 2 Crore AY 2017-18
- Threshold limitation Increased for maintenance of books of accounts
