Filing IT Return
This query is : Resolved
13 May 2008
If anybody is filing return for FY 2005-06, 2006-07 and 2007-08 for first time separately for every year and the first 2 Return is not taxable and for FY 2007-08 is taxable then Penalty of Rs 5000/- is payable or not?
13 May 2008
you can't file ITR for F.Y. 05-06 as last date for filing belated ITR for F.Y.05-06 was 31/03/2008.
no penalty will be levied for F.Y. 06-07 if income is below exemption limit, you can file ITR upto 31/03/09.
for F.Y. 07-08, no question of penalty as due date for filing ITR by individual is 31/07/08.
no penalty will be levied for F.Y. 06-07 if income is below exemption limit, you can file ITR upto 31/03/09.
for F.Y. 07-08, no question of penalty as due date for filing ITR by individual is 31/07/08.
14 May 2008
can you refer me section /circular or any article where this fact is mentioned. In the above case person is filing his return for time.
15 May 2008
pls see section 139(4) of income tax act
05 April 2012
Penalty for delayed filing of returns may be waived by the AO in case where no tax is payable.
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