If an assessee is filling his return after the completion of assessment year then, A.O may impose a penalty of Rs. 5000/- for late filling of return.... ok
is this penalty is still leviable if the return filed after assesment year is under exemption limit. i mean to say GROSS TOTAL INCOME Itself is Less then 160000/-...........
If the GTI (not total income) less than basic exemption limit then return can be filed up to one year from the end of assessment year and there would be no penalty for late filing of return.
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