LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

File of Income Tax Return AY 18-19

jac (ao) (62 Points)

19 November 2018

my gross total income is rs. 375000 & taxable income(after deduction of 80C & other eligible) is rs. 245000.
i want to file my incometax return for F.Y. 2017-18 now so rs 1000 late filing penalty( till dec-18) applicable in my case ?
any rule/instruction/notification plz provide

Reply
Follow
Share

6 Replies

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 19 November 2018

Yes... Rs 1000 is levied as per sec 234F.

Please read sec 234F with sec 139(1).

Abhishek5g (CA) (167 Points)
Replied 19 November 2018

yess..coz it was your obligation to file the return.. read proviso to 139(1)

Priya Mangal (119 Points)
Replied 20 November 2018

no it is not levied in case of voluntary filing..becoz according to income tax act if any assess income exceed 250000 it is chargeable to income tax and if they file a return after due date they wiil be ambit of penalty 234f

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 20 November 2018

@ Priya Mangal.,

Yes... You are exactly correct for Voluntary filing related.

But,
What about Your view for sec 139(1)...?
& with
What about above said income Rs 3.75L...?

Priya Mangal (119 Points)
Replied 20 November 2018

yes yes you right he will be ambit in 234f

jac (ao) (62 Points)
Replied 01 December 2018

i joined in state government in 2008 in new pension scheme.Rs 60000(10% of basic+D.A.) deducted from my salary during current financial year.i deposited rs 150000 in PPF.Can i get the below benefit for Income tax
(1) Can i get benefit of rs 1.5 lac PPF under section 80C ?
(2) Can i get additional benefit of Rs. 50000 under section 80CCD(1) as per NPS deduction from my salary?