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Belated return u/s 139(4)

This query is : Resolved 

22 August 2011

I have to file a return of an individual(women) for FY 2009-10 & FY 2010-11 u/s 139(4)whose income is Rs.96,000 and Rs.1,20,000 respectively.Whether any interest is required to be paid for filing the return u/s 139(4) ?

CMA. CS. Sanjay Gupta (Expert)

22 August 2011

No interest payment is required as Tax Liability is Nil. Just go ahead and file the return u/s 139(4).

CA. Nitin Agrawal (Expert)
22 August 2011

I wish to further add that in case of belated return filed , AO can initiate the penalty proceeding (if GTI exceeding the exemption limit) for not filing the return in due time & C/f of losses and un-absorbed depreciation will not be allowed.

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