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LATE FEE FIR ITR

subhagan sreerangam (7054 Points)

02 September 2019

After 31-08-2019 how much late for filing ITR

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Zahir (Audit Manager) (27 Points)
Replied 02 September 2019

If you file your return after the due date but before December 31 of the assessment year, you will have to pay ₹5,000 as penalty. If you file it between January 1 and March 31 of assessment year 2019-20, you will have to pay a late fee of ₹10,000. This penalty is applicable for individuals who have an income above ₹5 lakh. In case you file it between January 1 and March 31 of assessment year 2019-20 and your income is below ₹5 lakh, you have to pay a penalty of up to ₹1,000. Besides that if any payment was due, interest is levied for delay in filing the return of income. Interest is levied at 1% per month or part of a month.

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Uttam (employee) (814 Points)
Replied 02 September 2019

If it is not a tax audit case then 5000/- till 31 december for AY2019-20.

subhagan sreerangam (7054 Points)
Replied 02 September 2019

My client whoso turnover ₹ 9786540/- and net profit is ₹ 397654/-.How.much penalty payable.

ABHISHEK (Student) (412 Points)
Replied 03 September 2019

Penalty
Income upto 2.5lkh No peanlty till 31st march
income upto 5lk- 1000 penalty upto 31st march
Income above 5lkh- 5000 penalty till 31st dec
10000 till 31st march

However if your client have turnover of 98lkh approx and profit less than 6/8 % (8% for cash sale, 6% for digital sale I.e. through bank), you have to conduct audit u/s 44AB till 30 Sep and penalty will be 1% of turnover in case of default.