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234F applicability
Is late fee U/s. 234F applicable even when income of an assessee is below the income chargeable to tax?
Replies (6)
Quick Summary
Yes 234F fees will apply on the following basis:
If Gross Total Income upto Rs. 2.5 Lacs - Nil
If Gross Total Income upto Rs. 5 Lacs - Rs. 1000
If Gross Total Income above Rs. 5 Lacs - Rs 5000
If assessee is not required to file return as per conditions specified under sec. 139(1) of IT act, no late will be charges.
I.e. Gross income should be below exemption limit.
Sec 139(1) is a basic condition.
Assesses lower than exemption limit are not required to file return except otherwise required.
Assesses lower than exemption limit are not required to file return except otherwise required.
But what if Person to file return on due date applicable to the audit firm where person is a partner ?
The due date for IT return filing will be 15th March 2022 in the case of such partner
What if the assessee has gross taxable income less than 2.5 lakh and exempt income more than 5 lakh? Will late filing fee be applicable?
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