Belated return

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Avijit Singha (Querist)
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31 July 2012 Sir, if an LIC agent’s TDS is deducted from his commission and he has no other source of Income can file belated return?

If yes then any Penalty arises or not?

CA Lokesh Pokharna

CA Lokesh Pokharna (Expert)
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31 July 2012 panalty levied u/s 271 f if he required to file j\his return u/s 139(1) and he has not filed..

yes he can get refund in belated return too.

Yajendra Adhikari

Yajendra Adhikari (Expert)
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31 July 2012 Yes, he can file belated return, and get the refund of excess tax deducted.
Penalty will be invoked, but it can be avoided on providing sufficient reasons for not filing the Income Tax Return within due date.