Filling itr after due date

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This query is : Resolved

sanjeev (Querist)

17 October 2013 Sir
I filed my ITR on (15-10-2013) after due date (30-09-2013) although the self assessment tax was deposited on 30-09-2013.
is there any penalty for the same.

CA Pallav Singhania

CA Pallav Singhania (Expert)

17 October 2013 It may be furnished at any time before the expiry of two years from the end of the financial year in which the income was earned.

For example, in case of income earned during FY 2012-13, the belated return can be filed before 31st March 2015.

If the return is not filed even after the end of the assessment year, penalty may also be levied.

Ajay Mishra

Ajay Mishra (Expert)

17 October 2013 In fact there is no penalty as such for this fault, absolutely no penalty, believes me, I said that there is no penalty on late filing of return as such. Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under…

“If a person failure to furnish return of income as required by section 139 (1) before the end of relevant Assessment Year, the assessing officer may impose a penalty of Rs 5000/-“
So this section says end of relevant Assessment Year, its end on 31st March 2014, means there is no liability for late filing of Income Tax Return up to 31st March 2014 and after that Assessing Officer can impose a penalty of Rs 5000, and that is also his (Assessing Officer) power which he may or may not exercise after giving due hearing to the Assessee.