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Penalty for late filing of return

Tina Jain (CA) (250 Points)

22 January 2019

If total income is 240000 then whether required to pay penalty of 1000 at the time of filing itr for f.y 2017-2018 after due date

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 22 January 2019

No.... Late Fee not applicable.

2 Like

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prasad Nilugal ( GST Practitioner & Accounts ) (14846 Points)
Replied 22 January 2019

As per section 139 of the income tax act every person , if his total income during the previous year exceeded the maximum amount which is not chargeable to income tax shall furnish return before due date , respected madam in your case Total income is 240000/- less than 250000/- so in my view it is not necessary to file return .

please confirm with other also

1 Like

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 22 January 2019

Yeah.... You are correct.

But, The query is about sec 234F....

Please see the Query and with Querist's qualify... 😍

2 Like

Hitesh (Student) (3549 Points)
Replied 22 January 2019

Agree with Raja Sir

2 Like

santosh kumar gupta (MANAGER FINANCE & ACCOUNT IN ISHAAN INFRAESTATES INDIA PVT LTD VASUNDHARA GHAZIABAD) (83 Points)
Replied 01 February 2019

As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lakh, the maximum penalty levied will be Rs 1,000.

Finance Ministry has extended the deadline to file ITR by a month from July 31, 2018 to August 31, 2018. Therefore, if you file your ITR post August 31, deadline, you will be liable to pay penalty.