https://www.taxtmi.com/article/detailed?id=10727 Section 234F creates a mandatory fee for failure to furnish a return of income within prescribed time, payable by the assessee without any action by the Assessing Officer and applicable even where no tax is payable. Introduced by the Finance Act, 2017 (effective 1 April 2018) and amended in 2021, it replaces an earlier penalty regime under section 271F which was amended to require Assessing Officer discretion and procedural safeguards before imposing penalty. en-us Fri, 30 Sep 2022 09:45:22 +0530 Fri, 30 Sep 2022 09:45:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10727 Section 234F creates a mandatory fee for failure to furnish a return of income within prescribed time, payable by the assessee without any action by the Assessing Officer and applicable even where no tax is payable. Introduced by the Finance Act, 2017 (effective 1 April 2018) and amended in 2021, it replaces an earlier penalty regime under section 271F which was amended to require Assessing Officer discretion and procedural safeguards before imposing penalty. Articles Income Tax Fri, 30 Sep 2022 09:45:22 +0530 https://www.taxtmi.com/article/detailed?id=10727