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Return filling for income tax

Jyoti Narang (Kkk) (1203 Points)

01 November 2019

is there any penalty for return filling by a person having income below exemption limit.

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6 Replies

Surjeet Negi (947 Points)
Replied 01 November 2019

I believe there exists no such penalty, if a person below maximum exemption limit file return voluntary.

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Jyoti Narang (Kkk) (1203 Points)
Replied 01 November 2019

Is it confirmed or just like thay

Kumar Sushank (General Manager - Finance) (1040 Points)
Replied 01 November 2019

Penalty u/s 234F is based on Gross Total Income.

If Income is upto 2,50,000/- then penalty will be 0.

If Income is between 2,50,001/- to 5,00,000/- then penalty will be 1,000/-

If Income is greater than 5,00,000/- then penalty will be 5,000/-

Jyoti Narang (Kkk) (1203 Points)
Replied 01 November 2019

I read the section but confused abt the penalty

RAJA P M ("Do the Right Thing...!!!") (127912 Points)
Replied 01 November 2019

As per sec 234F if a Assessee file his return after the due then late fee applicable.
In case Assessee's Gross Income not exceeding BEL then the fee is not applicable...

BEL is calculate before the all deductions under CHA VI-A.

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Kapadia Pravin (17254 Points)
Replied 01 November 2019

@ Jyoti Narang

Late fee for late filing of return depend upon taxable income (under 234F)

a. 1000 if taxable income < 5 lakhs
b. 5000 if > 5 lakhs upto 31st Dec
c. 10000 if > 5 lakhs upto 31st March 2020

Gross Total income upto basic threshold 250000/- then no late fee .

The meaning is if total of income before Deductions under 80C 80D 80G 80TTA etc is below 250000/- then No late fee under 234F.

I agree with you that it's a bit confusion in the section.