Late fees for belated return

This query is : Resolved

Vikas Gupta (Querist)
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30 August 2019 In reference with section 234F of Income Tax, 1961, please explain if someone's (below 60 years of age) taxable income after deductions under chapter VIA does not cross the prescribed limit of Rs. 2.5 lakhs, will he be liable to pay late filing fees/penalty of Rs. 1,000?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 August 2019 He will be liable for late filing fees if his total income before claiming chapter VIA deduction exceed 2.50 lacs.

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CA Mayur Todmal

CA Mayur Todmal (Expert)
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30 August 2019 if above 2.5 before deductions yes liable

Vikas Gupta

Vikas Gupta (Querist)
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31 August 2019 Thank you sirs for your quick response.For being more clear, pl confirm --
Mr A's taxable income is Rs. 3,20,000 and his deductions under chapter VIA are Rs. 90,000. In this case Mr A will have to pay Rs. 1,000 as penalty if he files return after due date.
And if his taxable income is Rs. 2,39,000 and his deductions under chapter VIA are Rs. 20,000, he is not liable to pay any penalty.

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