Penalty of rs. 5000 for late filing of return
This query is : Resolved
28 December 2015
My client have income of Rs. 2,60,000 for AY 2014-15. Out of that 70,000 is agriculture income. He want to file return now. Can AO levy penalty of Rs. 5000 for late filing of return.????
29 December 2015
No taxable income no penalty will be levied.
29 December 2015
thanx sir. but someone said me income before any deduction must be below basic exemtion limit. but in this case income before deduction of agricultural income is above exemption limit. does it makes any difference????
29 December 2015
Agricultural income is exempted income not deducted from gross total income. It is only considered for aggregation for rate purposes.
29 December 2015
ok. thanks a lot sir
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