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Penalty for late filing of itr-4 of business income

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(Querist)
29 March 2019 One of my friend has not filed ITR-4 for business income for Assessment Year 2018-19. Now he want to file ITR-4 for business income. But, there is a late fees/penalty of Rs. 10,000/-. Is it true fact?

My friend's GROSS TOTAL INCOME is before deduction of 80 C etc. is approx Rs. 3,50,00,000. But after deduction of 80 (C) his TOTAL INCOME IS BELOW Rs. 2,50,000/-. Whether he is fined any penalty or late fees or not ?

Please give your expert advice.
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
29 March 2019 Yes, Fees u/s 234F of only Rs. 1,000 is applicable and Not Rs. 10,000 since your Income is Less than Rs. 5 Lacs.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
30 March 2019 Below 5 Lakhs net taxable income penalty applicable rs,1000/- only
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