Itr 4s for fy 2012-13 & 2013-14

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Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2015 Form-4S
ITR for FY 2012-13 below taxable limit and for FY 2013-14 having tax refund. Can both the returns be filed online by 31.3.15.
Whether it attracts any penalty on violation of any code. Pls advice. Thanks in advance.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 March 2015 Return of FY 2012-13 i.e., AY 2013-14 can be filed on or before 31.03.2015. On this return the AO may impose a maximum penalty of Rs 5000/- u/s 271F. Penalty u/s 271F is at the discretion of AO. The penalty may be levied after giving assessee a reasonable opportunity of being heard.

Return of FY 2013-14 i.e., AY 2014-15 can be filed on or before 31.03.2015 without attracting penalty u/s 271F.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2015 Sir, Even if the income is well below taxable threshold limits for FY 2012-13.