Interest & penalty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2011
Hi,
If I pay my tax & interest after 31st july then is there any penalty or when does the penalty of Rs. 5000 starts.
If I pay my tax & interest after 31st july then is there any penalty or when does the penalty of Rs. 5000 starts.
31 July 2011
Presuming that the assessment yr is 2011-12, if return is not filed before 31/3/2012, penalty can be initiated.
31 July 2011
And this penalty is only in cases where the income is above the taxable limit. Otherwise no penalty even if you file the return after 31/03/2012.
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