Income below 2.5 lakhs after deduction under 80c
Ankush (Student) (1329 Points)
05 November 2019
Will penalty be applicable on the same?
PHANEENDRA MALLA
(CA Practice)
(93 Points)
Replied 05 November 2019
RAJA P M
("Do the Right Thing...!!!")
(127387 Points)
Replied 05 November 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 05 November 2019
It depends on multiple thing.
If taxpayer is salaried person then HRA, Standard Deduction, Professional Tax, would be calculate & gross total income will decrease accordingly.
If taxpayer have any home loan then Interest paid (Upto 2 Lakh) on that loan will be also consider and gross total income will decrease accordingly.
If taxpayer have any loss from house property then it will be also consider and gross total income will decrease accordingly.
If Gross Total Income would be upto 2,50,000/- after all these calculation, then penalty u/s 234F will not charge by Income Tax Department.
Kapadia Pravin
(17249 Points)
Replied 05 November 2019
CAclubindia
