For FY 2020-2, I have filed belated ITR for a firm which has incurred loss.
At the time of filing the late fee u.sec 234F were not asked to pay in ITR.. (I thought it is correct since the income is less than Basic exemption limit)
later in intimation dept asked to pay late fee of Rs. 1000..
how to proceed.. kindly advice experts..
Pay the fees as per the intimation. The procedure will be there in the intimation.
As per Sec 139(1)(a), a firm is compulsorily required to file the ITR irrespective of basic exemption limit.
As per Sec 234F late fee is to be charged if return is not filed within due date as required by sec 139(1). Since the belated return is filed by the firm, late fee will be applicable.
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