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Late return filing under Section 139(1) — Section 234F fee:
ARs. 5,000 (Rs. 1,000 if income up to Rs. 5L) (per relevant Section)
BRs. 10,000
CImprisonment (per relevant Section) (per relevant Section)
D12% interest
Answer & Solution
Correct answer: A. Rs. 5,000 (Rs. 1,000 if income up to Rs. 5L) (per relevant Section)
1. Section 234F levies fee for late filing.
2. Rs. 5,000 if after due date; reduced to Rs. 1,000 if total income up to Rs. 5 lakhs.
3. Updated return route may apply for later periods with additional tax.
_Source: ICAI BoS CA Final Paper 7, Ch 15 "Assessment Procedure"_
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