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 )
(24583 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
(17259 Points)
Replied 29 January 2021
On income 356765/- which is above basic limit of 250000/-, so late fees is chargeable.
Recent Topics
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
Related Threads
CAclubindia
