Belated return penalty on FNO income of 3.6 lacs

Taxation
1

I have made profits of around 3.6 lacs from FNO trading during fiscal year 25-26. Cannot file the ITR before August 31st due to time constraint. As far as I know the penalty for late filing is 1k if income is below 5 lacs.

However I have also read that the penalty is waived off if income is below exemption limit. For the last two years I was filing in December but my profits were less than 2.5 lacs. I am just confused if the basic exemption limit is 4 lacs or 2.5 lacs(Filing under new tax scheme).

can any one please answer this.

2

@Quicko

3

It is 4 lakhs for the new tax regime.

4

FnO comes under business income and for that due date is 31august