Total Income - 6.50 Lacs (All normal Income)
Tax Payable - NIL , Late Fee - Rs. 5000
Higher late fee of Rs. 5000 shall be applicable even in cases when Tax Payable is NIL as default New regime provides for Nil Tax till 7 Lacs (normal Income), But Total Income Limit u/s 234F is still 5 lacs i.e.
<= 5 Lacs-Rs 1000
> 5 Lacs -Rs. 5000
📌Till last Ass year Higher Late fee was applicable only in cases when Tax was payable by Assessee.
