Filing of Return

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2011 I had not filed my return for FY ended 31st March 2010. I have paid more tax than required and tax is refundable to me as per form 16 issued by my employer.

Pls advise if I can file return now. Will there be any penalty for not filing return in time.

Thanks

Kumar Babu.G

Kumar Babu.G (Expert)

07 February 2011 You can file belated return.Time for filing belated return is one year from the end of assessment year relating to a financial year.Since no tax is payable interest u/s 234A is nil.But as per Section 271F: If a person who is required to furnish a Return of Income (ROI) as per section 139(1), fails to furnish such ROI by the end of the relevant Assessment Year, then such person will be levied a penalty of Rs. 5,000/-.

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2011 Sir,

it means if I file by 31st March 2011 for AY 2010-2011 I will not be levying penalty ?

Guest

Guest (Expert)

07 February 2011 Yes, no penalty till 31.03.2011

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now