Higher Late Fees payable even in absence of Income Tax Liability on belated ITR Filing when Income > Rs. 5 Lakhs

In a recent ruling, it was emphasized that higher late fees are applicable even if there's no income tax liability upon belated filing of Income Tax Returns (ITR) when income exceeds ?5 lakhs. The decision underscores the importance of timely compliance with tax filing obligations, regardless of tax dues, to avoid increased penalties. This serves as a reminder to taxpayers about the repercussions of delayed filing under the Income Tax Act.