Belated return u/s 139(4)
This query is : Resolved
CA Shraddha Bankar
(Querist)
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) ?
22 August 2011
No interest payment is required as Tax Liability is Nil. Just go ahead and file the return u/s 139(4).
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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.
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