01 July 2018
Sir If Net Total Income is below exemption limit i.e, below 150000/- , whether penalty for belated return, filed after 31st July will apply.
06 July 2018
if a person is required to file income tax return (ITR) as per the provisions of income tax law(section 139(1)) but does not file it within the prescribed time limit then late fees have to be deposited by him while filing his ITR. The quantum of fees shall depend upon the time of filing the return and total income as stated above.
When is a person mandatorily required to file Income Tax Return?
If the gross total income (before allowing any deductions under section 80C to 80U) exceeds the basic exemption limit i.e. Rs.2,50,000 (for individuals below 60 years) or Rs. 3,00,000 (for individuals of 60 years and above but less than 80 years old) or Rs. 5,00,000 (for individuals of 80 years and above) as the case may be. If you hold any asset including financial interest in any entity located outside India OR has signing authority in any account located outside India as a beneficial owner or otherwise. # If you are a beneficiary of any asset located outside India.
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