Belated REturn

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P-A-W-A-N

P-A-W-A-N (Querist)
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22 January 2010 Can AO Penalise the Belated Return For AY2008-09

Bimal Thacker

Bimal Thacker (Expert)
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22 January 2010 If it is filled after 31st March 2009 and income without givig exemption U/S 10A, 10B, 10BA, 80C to 80U exceed the amount of exempted slab (in case of other than company or firm)then there is penalty of Rs. 5000/=.
However if the assessee prove that there was reasonable cause then the same may be not penalised

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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22 January 2010 You can file FY 2007-08 still this march 2010 if not tax audit....You can file upto to 2 years...there will not be penalty.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 January 2010 Penalty under section 271F attracts only if the return is filed after the end of the assessment year ie after 31st March,2010 provided the case is not covered under section 44AB of the Income tax Act,1961.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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23 January 2010 in your case if income after all deduction and exemption is more than tax free limit provided not covered for Tax Audit then you can file it till 31-03-09 i.e. end of A.Y. if you file it after this you can file it till 31-3-10 but you have to pay Rs 5000/- penalty u/s 271F.

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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23 January 2010 NO PENALTY HAS TO PAY STILL MARCH 31 2010.

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