Belated return u/s 139(4) (Income Tax)

This query is : Resolved

( Author )
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.