As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lakh, the maximum penalty levied will be Rs 1,000.
But Mr Saurav his income is below 250000 ,and as per section 139 of the IT act sub section b , if his total income during previous year exceed the maximum amount which is not chargeable to income tax shall furnish a return of his income .
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