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Income below 2.5 lakhs after deduction under 80c
Will penalty be applicable on the same?
Replies (5)
Is your query is related to income tax return.?
If yes, if final taxable income is less than 2.5 lakhs, there will not be any penalty for late filing of returns
If yes, if final taxable income is less than 2.5 lakhs, there will not be any penalty for late filing of returns
Yes it is related to income tax
Yes... Late Fee is applicable under sec 234F.
The 2.5 lakhs value will be before all deductions under CHA VI-A....
For Example :
If Your Income Rs 250002
After deducting 80C Rs. 3
Your Taxable income Rs. 249999
- Yes... Late Fee applicable.
If Your income Rs. 249999
After deducting 80C Rs. 3
Your Taxable income Rs. 249996
- No... Late Fee not applicable.
The 2.5 lakhs value will be before all deductions under CHA VI-A....
For Example :
If Your Income Rs 250002
After deducting 80C Rs. 3
Your Taxable income Rs. 249999
- Yes... Late Fee applicable.
If Your income Rs. 249999
After deducting 80C Rs. 3
Your Taxable income Rs. 249996
- No... Late Fee not applicable.
It depends on multiple thing.
If taxpayer is salaried person then HRA, Standard Deduction, Professional Tax, would be calculate & gross total income will decrease accordingly.
If taxpayer have any home loan then Interest paid (Upto 2 Lakh) on that loan will be also consider and gross total income will decrease accordingly.
If taxpayer have any loss from house property then it will be also consider and gross total income will decrease accordingly.
If Gross Total Income would be upto 2,50,000/- after all these calculation, then penalty u/s 234F will not charge by Income Tax Department.
The 234F is based on whether assessee is required to file return or not.
Return is mandatory in case your income is exceeding basic limit 250000/- before deductions under chapter VIA that is 80C 80D etc
And so late fee under 234F accordingly
Return is mandatory in case your income is exceeding basic limit 250000/- before deductions under chapter VIA that is 80C 80D etc
And so late fee under 234F accordingly
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