Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

IT Return F.Y. 2018-19 late filing

jac (ao) (62 Points)

23 October 2019

My GROSS TOTAL INCOME is rs. 150000 & no deduction as per section 80C but LIC deduct TDS of rs. 5000 of my income.
so i want to get refund by filing ITR now ? in that case late filing penalty of IT RETURN apply in my case?

Reply
Follow
Share

6 Replies

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 23 October 2019

Yes it is applicable rs 1000 is penalty in your case

Upgrade to CAclubindia Pro. Subscribe Now!

Kapadia Pravin (17259 Points)
Replied 23 October 2019

Late fee for late filing of return depend upon taxable income (under 234F)

a. 1000 if taxable income < 5 lakhs
b. 5000 if > 5 lakhs upto 31st Dec
c. 10000 if > 5 lakhs upto 31st March 2020

Since your Gross Total income is less than basic limit of 250000/-, there is no late fee to you and file return happily to claim TDS Rs 5000/-

1 Like

sabyasachi mukherjee (27574 Points)
Replied 24 October 2019

SINCE YOUR INCOME IS BELOW THRESHOLD LIMIT HENCE NO QUESTION OF PAYING ADVANCE TAX.
HOPE IT IS FOR THE AY 19-20.

Kapadia Pravin (17259 Points)
Replied 24 October 2019

Originally posted by : sabyasachi mukherjee
	SINCE YOUR INCOME IS BELOW THRESHOLD LIMIT HENCE NO QUESTION OF PAYING ADVANCE TAX.HOPE IT IS FOR THE AY 19-20.

What is query and what is reply ??? Humbug reply. Pitiable

Hardik (Professional) (918 Points)
Replied 24 October 2019

Individuals are not required to file returns if GTI is below basic exemption limit. But for the purpose of claiming refund of TDS You can file your returns WITHOUT PAYING LATE FEES as your basic exemption limit is not exceeded... Go ahead and file your returns at earliest but before 31st March, 2020...

Upgrade to CAclubindia Pro. Subscribe Now!

sabyasachi mukherjee (27574 Points)
Replied 30 October 2019

I do agree with Hardik.
The query is not clear .
becoz.
how can lic deduct tds from your income.
are u a lic agent earning commision? BUT U HV NOT MENTIONED:
Sec 10(10D) exempts SUCH RECEIPTS SUBJECT TO CERTAIN CONDITIONS:
have they given u the tds certificate?
ask for it file belated return ....