Student
3986 Points
Joined July 2018
1. Belated return for the FY 2018-19 can be filed up to 31.03.2020 as per sec 139(4).
2. If the total income does not exceed Rs. 5 lakhs then the penalty will be Rs. 1,000. Otherwise, penalty of Rs. 5,000 if the return was filed before 31.03.2019 and after that penalty will be Rs. 10,000. Penalty u/s 234F will be payable irrespective of your income.
3. It is prudent to argue that if income is below Rs. 250000, then there is no need for filing the ROI and if there is no liability to file there is no question of sec 234F. But there is no express provision which states that income below Rs. 2,50,000 will be excluded from penalty u/s 234F.
3. However, in the case of refund, interest u/s 234A will not be payable.
Please correct me if the above solution has an alternative view.