Income tax return

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 what is last date of filling return of a.y.2011-12

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 February 2013 31ST MARCH, 2013

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 thanks sir...for that how much penalty imposed on it

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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)
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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)
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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.

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

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