234F Penalty applicable or not

Late fees applicable over GROSS income, hence applicable over gross income of 3.485 lakhs

Late fee for late filing of return depend upon taxable income (under 234F)

a. 1000 if taxable income < 5 lakhs
b. 5000 if > 5 lakhs upto 31st Dec
c. 10000 if > 5 lakhs upto 31st March 2020

However if Gross total income is beyond basic threshold limit then 234F late fee will apply

In your case it is applicable.

Let me make it simple for you..

1) Return filing is mandatory if Gross total income (before deduction under chapter VIA) is beyond basic exemption limit of 2.5lac (Resident Individual of < 60 year)

2) So You're required to file Return of Income,

3) S. 234F is applicable on late filing of ROI (and it's applicable only to those persons who are required to file ROI as per S. 139)

4) Due date is gone so If you file ROI now, you'll be able to upload the ROI only if you pay late fees..

5) File your ROI at anytime but max by 31.3.2020

Maximum amount of late fees in your case will be ₹1,000.

thank you all for answering