If my gross total income is above rs. 3 lac
and total taxable income is below 250000 after deductions
Will penalty affect or not??
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Penalty u/s 234F
Replies (11)
Penalty levied as per sec 234F if You are file after due date.
if taxable income is below exemption limit then no penalty will be levied.
you have to pay minimum late fee of rs. 1000 since your gross total income is in excess of amount not chargeable to tax
if the return furnished after 31 july but before 31 dec then 5000 after 31 dec it will be 10000
but your total income is less than 5 lac then maximum fee 1000
but your total income is less than 5 lac then maximum fee 1000
You have to pay Fee of Rs. 1,000 u/s 234F.
you have to pay 1000
Penalty will be levid as the GTI exceeds Rs. 250000 of Rs. 1000
Minimum Late Fees of Rs. 1000/- will be leviable in this case.
if gross total income less than 2.5l & filed in December though penalty will be charged?
return submitted within due date u/s 44 ADA after revised return submitted within time limit shall attract 234F
@ Prantosh Paul
No.
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