Filling of itr

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Rahul Prasad (Querist)

08 January 2016 Dear sir,
for the period FY 2012-13, Can i file ITR before 31st march 2016? Is there any penalty for it. to the extent of my knowledge up to Rs 50,000 is penalty provision. I what case penalty will be levied
1. Taxable income,
2. Nil return,
3. Refund case.

Thanks!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

08 January 2016 ITR of AY 2012-13 can not be filed. There are penalties for- escapement of income depending upon the taxable income for which return has not been filed, non filing of return etc.
.
In such cases adjudging the urgency and other aspects of the case, an application can be made to the Chief CIT, U/s 119(2)(b) to allow to file the return.
.

Ganeshbabu K

Ganeshbabu K (Expert)

08 January 2016 Penalty of Rs.50000 may not be valid.Penalty is only Rs.5000 as per 271F.and this penalty also not mandatory levied only in rare cases where willfully avoided filing of return when there is tax payable.

No penalty leviable if you are not liable to file return(gross total income before chapter vi a deductions not exceeded basic exemption).

However you may file return online u/s 119(2)(b) please do file if you are interested to file return.Penalty may not be levied generally

Ankur Singhal

Ankur Singhal (Expert)

08 January 2016 Dear
You can not file the retrun for FY 2012-2013 now.
Also the CCIT give permission to file late return in the rarest cases. You need a very strong ground for not filing return timely.

Rahul Prasad

Rahul Prasad (Querist)

09 January 2016 ok thank you all sir ....

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