This discussion clarifies penalties for late filing of a nil income tax return (ITR3) for proprietorships with business income below tax slabs. While a late fee may apply, if your total aggregate income before deductions is less than £2,50,000, no late fee will be charged.
09 August 2023
Please let me know if there is any penalty for late filing of nil income tax return (my proprietorship, business income is below tax slabs)... For ITR3