Is there any late fees for nil ITR...if Income is 356765
below the exemption limit 500000
after due date
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 29 January 2021
Not required to file return if income is less than basic exemption limit
Prajakta
(Student CA IPC / IPCC)
(89 Points)
Replied 29 January 2021
Exemption limit is not 5,00,000. It is 2,50,000. Income up-to 5,00,000 is not taxed due to rebate u/s 87 A
Kapadia Pravin
(17264 Points)
Replied 29 January 2021
On income 356765/- which is above basic limit of 250000/-, so late fees is chargeable.
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