Belated return
This query is : Resolved
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.
If Net Total Income is below exemption limit i.e, below 150000/- ,
whether penalty for belated return, filed after 31st July will apply.
01 July 2018
Please refer section 234F.
If the total Income of a person is below or equal to Rs. 5 Lakhs, then penalty will be restricted to Rs.1000 only.
If the total Income of a person is below or equal to Rs. 5 Lakhs, then penalty will be restricted to Rs.1000 only.
03 July 2018
Dear sir,
I am asking If Income is below exemption limit whether penalty will apply.
I am asking If Income is below exemption limit whether penalty 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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- NRI INSURANCE ADVISOR
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- LIABILITY ADJUSTMENT
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
