Privide details for not filing ITR

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not
68 Points Posted on 02 March 2020

What is the penalty for not filing ITR if an individual does not file ITR if his/her taxable income if more than Rd. 2.5 lakhs in the financial year? Please reply in details.

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On 02 March 2020 at 20:29 Report
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Quick Summary
If your taxable income exceeds £2.5 lakhs and you haven't filed your Income Tax Return (ITR), you could face late fees. For AY 2019-2020, you can still file before 31st March with a late fee of £1,000 or £10,000, depending on your total income. While there isn't a direct penalty section for non-filing, if your case is opened for assessment under Section 148, you might incur these late fees plus potential penalties under Section 270A for misreporting income.

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17269 Points Posted on 02 March 2020
Welcome to join Forum on 29th Feb

What is reason for delay ?

For AY 2019-2020 , you can File it before 31st March with late fee under 234F of 1000 or 10000 depending upon total income
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On 02 March 2020 at 22:00
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12244 Points Posted on 03 March 2020
As on now there's no specific section to levy penalty for not filing ITR but if case opened for assessment under section 148, then you may have to pay late fees of rs. 1000 or 10000 as the case may be, in addition to penalty under section 270A, subject to conditions
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On 03 March 2020 at 01:30
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CFO- at NHTF
58280 Points Posted on 03 March 2020
You can't call it as penalty.Its late fee.

Below 5lacs income -Late fee will be Rs.1000/-

Above 5lacs -10000/- for AY-2019-20 since December deadline got over
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On 03 March 2020 at 14:48
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not
68 Points Posted on 03 March 2020

What does ----Under-reported income is in consequence of any misreporting thereof --- means when the section 270A is explained?

Can you please cite some examples to explain what Under-reported income is in consequence of any misreporting thereof  it means?



Read more at: https://www.caclubindia.com/forum/display.asp?cat_id=3
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On 03 March 2020 at 17:53
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CFO- at NHTF
58280 Points Posted on 03 March 2020
If dept finds under reporting in the ITR filed.

But it's not applicable to you since you have not filed ITR
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On 03 March 2020 at 20:36
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17269 Points Posted on 03 March 2020
This seems to be a hypothetical academic type query.
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On 03 March 2020 at 21:02

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