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

Practice Questions

Q1
What is the penalty for late filing of income tax returns under Section 234F?
  1. Rs. 1,000
  2. Rs. 5,000
  3. Rs. 10,000
  4. No penalty

Questions & Step-by-Step Solutions

What is the 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: If you file your income tax return after the due date, you may have to pay a penalty.
  • Step 4: The penalty amount can be up to Rs. 10,000.
  • Step 5: The exact penalty amount may depend on how late you file your return.
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