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Penalty for late IT return for individuals
Is the Penalty of Rs. 10000 is chargeable if income of individual is below 250000 for belated return?
Replies (3)
penalty levy only if income is taxable ie.. above 250000
but if it is less than 250000 then not mandatory to file itt.
but if it is less than 250000 then not mandatory to file itt.
what if we want file the return after 31 july but income is below 2,50,000?
Aditya their is only taxable income provision under section 234f and exception to that is if income is less than 500000 then only 1000 fine. if more than 500000 then 5000 or 10000 as the case may be
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