Suppose a person who has income but that is below threshold limit & he is not liable to pay any taxes. If he files the return after due date ( 31st july for individual) it will attract any interest or penalties or it will do.
28 July 2008
Interest is applicable only when person having tax amount on his taxable amount.
But penalty can be impose up to Rs. 5000 because penalty arise, when ROI filled after due date . It means there is no relation between taxable income and penalty .
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