Question ID :
41010
LATE FEE ON SFT
How to pay and consume late fee on SFT return form 61A
Posted by
SURAJ KUMAR CHOUDHARY
on
Mar 27, 2021
Filed Under
MISC.
Answer ID :
81024
As per Section 271FA, if SFT is not filed within time, IT Authority MAY DIRECT to pay penalty. So, it is their right to levy penalty and will not raise automatically. Hence, it is not payable unless any communication is received from IT Officials. Generally in such cases, payment methods will be mentioned in such communication.
I do not have practical exposure to such cases and hence explaining based on my interpretation of the Act.
Posted by
VENKATA PAVANKALYAN PESALA on
Mar 27, 2021
Answer ID :
81027
the return is to be filed by May of the succeeding year. Bllated filing may lead to penalty, but there is no late fee as in the case of TDS return or GST return
Posted by
CA. VENKITARAMAN K V on
Mar 28, 2021
Answer ID :
81029
Penalty is Rs. 500/- per day from date of expiry of original due date to due date mentioned in notice and Rs. 1000/- per day after the due date mentioned in the notice. It cannot be paid before issuance of notice.
Posted by
CA. chunauti dholakia on
Mar 31, 2021