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What is the maximum penalty for late filing of income tax returns under Section
What is the maximum penalty for late filing of income tax returns under Section 234F?
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Q1
What is the maximum penalty for late filing of income tax returns under Section 234F?
Rs. 1,000
Rs. 5,000
Rs. 10,000
Rs. 50,000
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The maximum penalty for late filing of income tax returns under Section 234F is Rs. 10,000.
Questions & Step-by-step Solutions
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Q: What is the maximum penalty for late filing of income tax returns under Section 234F?
Solution:
The maximum penalty for late filing of income tax returns under Section 234F is Rs. 10,000.
Steps: 5
Show Steps
Step 1: Understand that Section 234F is a part of the income tax law in India.
Step 2: Know that this section deals with penalties for filing income tax returns late.
Step 3: Learn that if you file your income tax return after the due date, you may have to pay a penalty.
Step 4: The maximum penalty you can face for late filing is Rs. 10,000.
Step 5: Remember that this penalty applies to individuals and businesses who do not file their returns on time.
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