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)
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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