07 February 2017
sir One of my friend plan to start business . In connection with paper work he need last year IT Return. He has only 14,000 form salary , not other income . My doubt 1. whether there is any penalty in connection with last year IT return submitting 2. online can file or not 3.any other impact with regards Binu
08 February 2017
Dear Binu, An assessee is required to furnish income tax return withing due dated as mentioned u/s 139 (1) of the taxable income of the assessee exceed the threshold basic exemption limit. In your case, if the only income is 14000 Salary per month, than annual income is 168000 which is below the taxable limit of Rs. 2,50,000/- Now, if your friend wants to file income tax return voluntarily, he can file the ITR - 1 (if only salary and income from other sources) online. However, returned to be filed u/s 139(4) and such return is treated as belated return. If belated return is filed within 31/03/2017, no penalty is been levied.
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