Filing IT Return

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CA.VIMAL KUMAR PANJIYAR (Querist)
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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?

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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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.

CA.VIMAL KUMAR PANJIYAR

CA.VIMAL KUMAR PANJIYAR (Querist)
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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.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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15 May 2008 pls see section 139(4) of income tax act

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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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