
Dear Professional Seniors & Friends,
Warm Greeting!
Here is the Next post of #MCQ on concept based practical professional knowledge on late fees on late filing of tax return in a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 64.1: An individual (age below 60 years) having Gross total income Rs. 2,48,000 and no deductions under chapter VI-A filed income tax return on 5th of Oct, 2017. Which among the following is correct in relation to late fees assuming due date to file return is 31st July, 2017?
A) Late Fees of Rs 1,000 shall be levied.
B) Late Fees of Rs 10,000 shall be levied.
C) Late Fees of Rs 5,000 shall be levied.
D) No Late Fees shall be levied.
MCQ 64.2: What if in the above question, assessee filed the return on 5th of Jan,2018?
A) Late Fees of Rs 1,000 shall be levied.
B) Late Fees of Rs 10,000 shall be levied.
C) Late Fees of Rs 5,000 shall be levied.
D) No Late Fees shall be levied.
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Greetings!
This post of MCQ is on concept relating to no late fees applicable under Section 234F despite late filing of income tax return.
Answer to MCQ 64.1: D) No Late Fees shall be levied.
Answer to MCQ 64.2: D) No Late Fees shall be levied.
Practical Analysis for MCQ 64.1& 64.2:-
Case | Late Fees if total Income of person exceeds Rs 5 Lakhs | Late Fees if total Income of person does not exceed Rs 5 Lakhs |
Return is filed on or before 31st December 2018 but after due date i.e. 31st July 2018 | Rs 5,000 | Rs 1,000 |
Return is filed after 31st Dec 2018 | Rs 10,000 | Rs 1,000 |
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
Webpage: http://www.casanjay.me/
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Linkedin: https://www.linkedin.com/in/ca-sanjay-kumar-agrawal/
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