Belated return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2015 if any individual file belated return, is he liable for refund or not, and if he has no tax liability what is the maximum amount of penalty has to be paid.

CA Anjana Grover

CA Anjana Grover (Expert)
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23 January 2015 As Per section 139(4) if return is filed late if tax deposited already in respect of that year is more than the amount of Actal tax than the individual will definitely get the refund.

The time period of Filing Belated return is 1 year from the end of relevant Assessment year.

Practically no penalty is demanded by Assessing officer as i have filed many belated returns without receiving any demand for depositing penalty.

But there is a specific Provision for Penalty on Belated returns which is as follows:

if a person who is required to furnish a return of his income,
as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2015 what is the last date of belated return for the a.y 2014-15