19 February 2013 If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees (Rs 5000/-)

So this section says end of relevant assessment year . Assessment year is 2011-12 and its end on 31.03.2012 ,means there is no liability for late filing of income tax return up to 31.03.2012 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 February 2013 Adding to what Sanjay Sahab has already said, if the your filing Nil return the penalty of Rs 5,000 wont be triggered as in such as a case you were not require to furnish the return of income and have done it out of your own choice.

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 so if i will file the return of A.y.2011-12 in today's date than penalty will be 5000...but belated return can fill up to 31-3-2013 than also we have to pay penalty???

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 February 2013 You can avoid paying the penalty at the time of filing the return. In case the AO decides to levy penalty, he/she shall issue notice for initiation of penalty proceedings.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 ya my client has NIL return but because of some reasons he didnt filled his return of A.y.2011-12... so can he file on today's date??

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 February 2013 yes. he should go ahead and do it now.

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