SHORT ANSWER:
Section 234F imposes a penalty for late filing of income tax returns.
DETAILS:
- Applicable to individuals and entities required to file income tax returns.
- The penalty is ₹5,000 if the return is filed after the due date but before December 31 of the assessment year.
- The penalty increases to ₹10,000 if the return is filed after December 31 of the assessment year.
PUNISHMENT / IMPLICATIONS (if applicable):
- Late filing may also result in interest on unpaid taxes and loss of certain deductions.
SOURCE:
- Income Tax Act, 1961
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