Regarding late filing it returns penality

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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)

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)

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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