Is there any late fees for nil ITR...if Income is 356765
below the exemption limit 500000
after due date
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Late fees Income Tax return
Replies (5)
Quick Summary
Not required to file return if income is less than basic exemption limit
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
On income 356765/- which is above basic limit of 250000/-, so late fees is chargeable.
How much late fee
Late fee 1000/- upto 5 lakhs
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