Dear Experts,
A person has total income rec from salary is more than Rs- 5,00,000 but after deduction (Net taxable income) it is under Rs- 3,00,000, and he had not filed his ITR for F.Y. 2017-18 Till now. Kindly let me know :-
1. Can he file ITR till march 2019 ?
2. If yes, then is there any penalty (Rs.-5,000 / 10,000) applicable on this.
Waiting for your valuable replies and Thanks in advance.
1. Yes
2. 1000/-
Thank You Sir.
Is Penalty of 1000/- also applicable when no tax liability ?? please clear me sir.
Yes, as your liability to file return u/s. 139(1) not obliged.
even if there is no tax liability then penalty of rs 1,000 /- is fixed u/s 234F
If Gross total income 250000 or less than 250000 there will be no late fees under section 234F, ( in this case he is not required to file ITR as per law) If gross total income more than 5 lac but after deduction under chapter VIA total income comes to below 5 lac then late fee will be 1000, therefore if total income after deduction under chapter VIA more than 5 lac then late fee will be 10,000/-
If gross total income more than 250000 and after deduction total income comes below 250000 then late fee will be 1000/- ( Because gross total income before deduction more than 2.5 lac so he should have filed ITR)
CA Umesh Kumar- 9717597230
CAclubindia
