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Late fee for ay 2020-2021
I not itr return file in ay 2020- 21 and penalty amt show in rs 10000. what I will do?
Replies (7)
Please refer section 234F of the Income Tax act 1961 for late fees .
You have to pay the penalty compulsorily
If your income is more than 500000 you have to pay penalty of rupees 10000 and if your income is less than 5 lakh then you have to penalty of 1000 but if your income is less than 2.5 you don't have to pay any penalty.
What is your net taxable income ?
Penalty is by default as per 234F. No authority to AO to either cancel, waive or reduce it discretionary.
Net taxable income = Gross total income - deductions u/s 80C to 80U
GTI -Deduction under chapter VI
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