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income tax filling

Nishu Kotian (332 Points)

29 March 2019

A Y 18/19 income tax filing late fees comes above 250000 income ?
income is 249500 is any late fees ?

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8 Replies

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 29 March 2019

1000 late fees.
Late fees will be charged even if your income is below threshold limit of 2.5 Lakhs

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RAJA P M ("Do the Right Thing...!!!") (127962 Points)
Replied 29 March 2019

Dear Friends.,

Sorry for the Different view....

(income is 249500 is any late fees ?)
The said value is before all deductions then sec 234F is not levied...

In case the said income after deductions (may Rs 500 or above as per value) then sec 234F is levied and charge Rs 1000...

So, Clarification required from Querist...

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 29 March 2019

I didn't get what you are trying to say Mr. Raja Sir

But what sec 234F says is :
Net total income of person I.e. after all deductions exceeds 5L then, he shall pay fine of Rs. 10,000
and if net total income of person I.e. after all deduction is below 5L then, he shall pay fine of Rs. 1,000

This means that he shall pay Rs. 1,000 even if he files nil tax returns or with total income below threshold as well.

RAJA P M ("Do the Right Thing...!!!") (127962 Points)
Replied 29 March 2019

Just small change dear...
It's not after all deductions...
It's before all deductions....

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 29 March 2019

no sir, it's after all deduction

GTI = 600,000
deduction = 1,50,000
NTI = 4,50,000

In this case fine shall be only Rs. 1,000

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RAJA P M ("Do the Right Thing...!!!") (127962 Points)
Replied 29 March 2019

As per above is wrong / late fee is wrong...

GTI = 500,000
deduction = xxxxxx
NTI = XXXXXX

In this case fine shall be only Rs. 1,000

GTI = 600,000
deduction = 1,50,000
NTI = 4,50,000

In this case fine shall be only Rs. 10,000**

GTI = 250,001
deduction = 1
NTI = 2,50,000

In this case fine shall be only Rs. 1,000

GTI = 2,50,000
deduction = xxxxx
NTI = XXXXXX

In this case fine shall be only Rs. 0 (sec 234F not levied).

please check out the details in Your way... After come back...

GOOD LUCK DEAR...

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