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Penalty for filling income tax return

arijitkundu (student) (28 Points)

23 March 2022

My net profit from business is less than 250000. Please tell me whether I have to pay penalty of Rs 1000 for filling income tax return for the P.Y. 20-21

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4 Replies

hemant sharma (141 Points)
Replied 23 March 2022

Your income is below exemption limit therefore you can file your itr without paying late fees before 31st march 2022

Lalit Pandey (Indian Business Researcher) (313 Points)
Replied 23 March 2022

No penalty before due date

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Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 23 March 2022

Is it proprietorship or Partnership ?

234F is not applicable for individual since income below BEL

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CA Puja Sharma (Chartered Accountant) (4902 Points)
Replied 23 March 2022

In case of an individual if the total income of the assessee is less than Rs. 2,50,000 then you are liable to pay any penalty for late filing of GST return.

1 Like