My gross income is Rs 412000 but my saving is 125000
can I pay penalty for late filling ITR
Yes Definitely...
Bcoz, Your GTI is exceeding BEL...
7 Replies
RAM CONSULTANCY
(5 Points)
Replied 06 September 2018
R/Sir
Please tell me exemption is applicable on gross income or net taxable income
Please tell me exemption is applicable on gross income or net taxable income
Pulkit
(Student)
(42 Points)
Replied 06 September 2018
no exemption can be availed redarding late itr filing , you need to pay penalty of 1000 if you total income does not exceeds 5Lacs
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 06 September 2018
Exemption is applicable only for Gross total income is BEL...
Not on net taxable income...
Not on net taxable income...
Pulkit
(Student)
(42 Points)
Replied 06 September 2018
the IT act says if your gross total income does not cross BEL you not need to file return
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 06 September 2018
Yes... As per section 139(1) ITR "Not required to File" if GTI is less than BEL.
But.,
It's not restricted for filing if GTI is less then BEL
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