02 September 2011
Dear Sir, I am a Salaried person having Income below Exemption limit. hence i am not filing my income tax Return. Now i want to file my ROI for 4 years i.e. A/Y 2011-12, 2010-11, 2009-10, 2008-09
My all ROI is Below Exemption limit. I just want to know that there is any Provision in IT Act Which Levies Penalty on Filing of NIL ROI for Preceeding years because penalty U/s 271F levies penalties on the assessee who is required to furnish ROI. and i have to file my all ROI as below exemption limit.
I Know that penalty U/s 271F is not levied on me because i am not covered by the section 139(1) and also interest U/s 234A also not applicable on me.. and i want to file my ROI Not only for 2 preceding years but also for last 4 years. If I do so than which penalty and other provision is applicable on me?
As your income does not exceed the thresold limit prescribed u/s139(1) you are not required to file mandatory return. However, if you may like to file the voluntary return at you own and no bar is there doing so.
So far penalty u/s 271F is concerned please be informed that it is imposed only if the return is not filed by the person required to file their return as per section 139(1), since you are not covered by 139(1) so this penalty is not attracted.
03 September 2011
Ok...... but I Know that penalty U/s 271F is not levied on me because i am not covered by the section 139(1) and also interest U/s 234A also not applicable on me.. and i want to file my ROI Not only for 2 preceding years but also for last 4 years. If I do so than which penalty and other provision is applicable on me?
03 September 2011
You can file your return for four years also. There would not be any problem because section 139(4) also not covered in your case.. And no penalty prosecution be initiated on you.
And interest u/s 234A will not be levied since the same is levied on the amount of tax due for delay in filing of ROI from the due date of filing of return. But in your case as such no tax is coming up.
CAclubindia
