Page 10 - DTPA Journal Aug 18

DTPA - J | 2017-18 | Volume 3 | August 2018

Income Tax Department. Section 234F is however assessment year and it provided for opportunity of
silent on this issue. hearing to theassessee. Section 273B provides that
penalty u/s 271F and various other sections need not be
14.SECTION 139(4) ALREADY PROVIDES FOR
FILING BELATED RETURN UNDER SECTION imposed if the assesse proves that there was
reasonable cause for the failure.
139(4) :
17. CONCLUSION :The Government will do well if
Section 139(4) of the Income Tax Act already provides the Late Fee under section 234F is immediately
for filing a Belated return under sec 139(4). Such Return reviewed and withdrawn and instead Penalty under
can be filed before the end of relevant assessment year section 271F may be reintroduced. It will be
or before the completion of assessment, whichever is appropriate if an amendment is urgently placed in
earlier.
Parliament. This way litigation will also be stopped
15. SECTION 234A ALREADY PROVIDES FOR as well as agony of taxpayers will no longer remain.
INTEREST : [CBDT has considered the problems being faced by
taxpayers and has already extended the date of
Those filing IT RETURN Late are already required to st
pay interest under sec. 234A, if sufficient TDS or filing Return under section 139(1) from 31 July to
st
Advance Tax has not been paid. That means a deterrent 31 August. 2018 for assessment year 2018-19].
already exists. The author Mr. Narayan Jain is a Master of Law,
practicing Advocate and author of the famous book
16. PENALTY PROVISIONS UNDER SECTION 271F
WERE MORE LOGICAL: “How to Handle Income Tax Problems” and
“Income Tax Pleading & Practice'. He is former
The penalty provision under sec 271F were more President of DTPA and Chairman, PR and Allied Laws
justified as the penalty could be initiated only if a Return Committee of All India Federation of Tax Practitioners.
was filed beyond 31st March that is last day of

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