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Penalty of late filling of itr

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(Querist)
11 October 2018 Dear Sir,

Mr. X is individual has a income of Rs.2,47,720.00 under section 44AD. He has forgot to file the return within stipulated period. Now, he wishes to file the ITR, does he have to pay penalty or not.

Regards

Shoeb
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 October 2018 Yes penalty of 1,000 payable.

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