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Naresh Khanduri   29 January 2021

Late fees Income Tax return

Is there any late fees for nil ITR...if Income is 356765
below the exemption limit 500000
after due date


 5 Replies

Sourav

Sourav (Student)     29 January 2021

Not required to file return if income is less than basic exemption limit
1 Like
Prajakta

Prajakta (Student CA IPC / IPCC)     29 January 2021

Exemption limit is not 5,00,000. It is 2,50,000. Income up-to 5,00,000 is not taxed due to rebate u/s 87 A
1 Like
Kapadia Pravin

Kapadia Pravin   29 January 2021

On income 356765/- which is above basic limit of 250000/-, so late fees is chargeable.
viswanath chunduri

viswanath chunduri   30 January 2021

How much late fee
Kapadia Pravin

Kapadia Pravin   30 January 2021

Late fee 1000/- upto 5 lakhs


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