Regarding late filing it returns penality

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2015 Dear Sir/ Madam,

I am an individual salary person, and my taxable income for the F.Y-2014-15 Rs-2,03,500 (ie- Nil tax payer), if i filed this returns now, i will get for late filing penalty or not.

Kindly suggest me.

Thanks.

CA G. SURYANARAYANAN

CA G. SURYANARAYANAN (Expert)
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09 October 2015 You are not liable for interest u/s 234A for late filing since there is no tax liability,

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2015 Thank you

sir i am asking about PENALTY and not about interest.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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20 July 2025 Thank you for the clarification. Here's the detailed response regarding penalty for late filing of income tax return in your case:

✅ Your Situation:
Financial Year: 2014–15 (Assessment Year 2015–16)
Total Income: ₹2,03,500 (Below taxable limit for an individual below 60)
Tax Payable: Nil
Filing After Due Date: Yes
Query: Whether any penalty is applicable for late filing
📌 Penalty Provisions (Applicable at that time):
Under Section 271F of the Income Tax Act (as applicable in FY 2014–15):

If a return is not filed before the end of the assessment year (i.e., before 31st March 2016 for FY 2014–15),
And total income exceeds the basic exemption limit (₹2,50,000 for individuals below 60),
Then the Assessing Officer may impose a penalty of ₹5,000.
✅ In Your Case:
Your income is ₹2,03,500, below the basic exemption limit.
Therefore, Section 271F does not apply.
No penalty is leviable, even if the return is filed late.
🟢 Conclusion:
You will NOT be liable for any penalty for filing your income tax return late for FY 2014–15 because your income was below the taxable threshold.

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