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Late itr file penalty

param (Sub Broker) (46 Points)

08 June 2017

can anyone tell me, how many penalty will be if file Late nil return actuly my income is below tax slab ,its only 1 lakh but i want itr for visa purpose ,i started my business aug 2014 so i want ti file itr from aug 2014 to till now .

help experts ,urgent

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CA PRASHANT CHOUDHARY (CA) (161 Points)
Replied 08 June 2017

no penalty/prosecution even if ROI filed after expiry of relevant AY if balance of tax on income assessed after deducting tds and advance tax is rs 3000 or less.

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rama krishnan (12244 Points)
Replied 08 June 2017

mr. Choudhary this condition applies only to prosecution proceedings and for penalty proceedings. correct me if iam wrong

param (Sub Broker) (46 Points)
Replied 08 June 2017

thanks for rply , actuly my total income annualy is only 1 lakh RS . and you mean to say ,i wil not get any penality bcuz my income is low after all deduction ???

param (Sub Broker) (46 Points)
Replied 08 June 2017

what it means now sir,,please help

CA PRASHANT CHOUDHARY (CA) (161 Points)
Replied 08 June 2017

yes, Mr rama krishnan you are right, that condition is for prosecution only. But since no tax was payable no interest/penalty will be levied

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param (Sub Broker) (46 Points)
Replied 08 June 2017

Oky thankyou so much for your answer Parshant sir

pravin rana (4 Points)
Replied 08 June 2017

sir.i am an accountant and if i file my return below taxable after july how many penelty on that case?

rama krishnan (12244 Points)
Replied 08 June 2017

Late itr file penalty

Total Replies : 7

  param   08 June 2017

can anyone tell me, how many penalty will be if file Late nil return actuly my income is below tax slab ,its only 1 lakh but i want itr for visa purpose ,i started my business aug 2014 so i want ti file itr from aug 2014 to till now .

help experts ,urgent

  PRASHANT CHOUDHARY   08 June 2017no penalty/prosecution even if ROI filed after expiry of relevant AY if balance of tax on income assessed after deducting tds and advance tax is rs 3000 or less.

  rama krishnan   08 June 2017mr. Choudhary this condition applies only to prosecution proceedings and for penalty proceedings. correct me if iam wrong

  param   08 June 2017

thanks for rply , actuly my total income annualy is only 1 lakh RS . and you mean to say ,i wil not get any penality bcuz my income is low after all deduction ???

  param   08 June 2017

what it means now sir,,please help

  PRASHANT CHOUDHARY   08 June 2017yes, Mr rama krishnan you are right, that condition is for prosecution only. But since no tax was payable no interest/penalty will be levied
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rama krishnan

  param   08 June 2017

Oky thankyou so much for your answer Parshant sir

  pravin rana   08 June 2017sir.i am an accountant and if i file my return below taxable after july how many penelty on that case?

my opinion is that you are not liable to pay late fees u.s. 234F