below taxable income

asif shaikh

20 Points Posted on 21 July 2018

sir, accounting year 2017-18 total in come is below Rs.250000/.If income tax return not file before 31st July, late fee will be payable?

Replies (4)

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.

manmohan baheti

student

20 Points Posted on 21 July 2018

total income means income before any deduction under section 80C to 80J, and if this below 250000,no late fees will be payable

RAJA P M

"Do the Right Thing...!!!"

20 Points Posted on 21 July 2018

No... If Your "GROSS TOTAL INCOME" is less than BEL then the sec not levied to You...
The said income before all deduction...

prasad Nilugal

20 Points Posted on 21 July 2018

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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below taxable income

asif shaikh

Saurav Bhattacharya

manmohan baheti

RAJA P M

prasad Nilugal

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below taxable income

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