What is the maximum penalty for late filing of income tax returns under Section

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Question: What is the maximum penalty for late filing of income tax returns under Section 234F?

Options:

Correct Answer: Rs. 10,000

Solution:

The maximum penalty for late filing of income tax returns under Section 234F is Rs. 10,000.

What is the maximum penalty for late filing of income tax returns under Section 234F?

What is the maximum penalty for late filing of income tax returns under Section 234F?

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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