Ay 2019-20

This query is : Resolved

TARIQUE RIZVI (Querist)
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02 July 2019 Whether Income Tax Return with NIL libility or with some refund can be filed after 31st July 2019 with no penalty or shall be penalized irrespective of income tax liability factor if income tax return has been filed after 31st July 2019. Please let me know the table of penalty prepared for delayed income tax returns.

Aneet

Aneet (Expert)
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02 July 2019 The penalty for late filing after 31 July shall be Nil only if the Total Taxable income after deductions is upto 250000 Rs.
If total taxable income is above 250000 but upto 500000 then penalty after 31 July shall be 1000 only till 31 March.
If total income is above 500000 then penalty shall be 5000 till 31 December. Thereafter from 1 January to 31 March the penalty shall be 10000 Rs.