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Penalty in ITR

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5 Points Joined September 2018
My gross income is Rs 412000 but my saving is 125000
can I pay penalty for late filling ITR
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On 06 September 2018 at 06:48 Report
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes Definitely...
Bcoz, Your GTI is exceeding BEL...
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On 06 September 2018 at 07:13
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5 Points Joined September 2018
R/Sir
Please tell me exemption is applicable on gross income or net taxable income
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On 06 September 2018 at 11:00
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Student
42 Points Joined January 2017
no exemption can be availed redarding late itr filing , you need to pay penalty of 1000 if you total income does not exceeds 5Lacs
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On 06 September 2018 at 12:27
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Exemption is applicable only for Gross total income is BEL...
Not on net taxable income...
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On 06 September 2018 at 14:36
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Student
42 Points Joined January 2017
the IT act says if your gross total income does not cross BEL you not need to file return
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On 06 September 2018 at 14:57
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"Do the Right Thing...!!!"
128147 Points Joined January 2015

Yes... As per section 139(1) ITR "Not required to File" if GTI is less than BEL.

But.,

It's not restricted for filing if GTI is less then BEL

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On 06 September 2018 at 15:54
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5 Points Joined September 2018
thanks Raja Sir
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On 07 September 2018 at 08:06

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