I need to know that can i file my NIL income tax return for F.Y. 2011-12 (A.Y. 2012-13) now? is there any penalty for the same ? it's my first time for itr filing and i also first applied and my PAN no is alloted.
12 June 2013
1)You are mandatory required to file income tax return Under sec.139(1) if your income exceeds maximum amount which is not chargeable to tax before considering deduction under sec.80C to 80U,
Note: if you have income only from salary and interest from bank not exceeds 10000 limit to file return is 5lakhs after 80C to 80U deductions..
2) in case if you failed to file return under as per section 139(1) and not filed revised return with in end of relevant assessment year under section 271F AO may direct such person to pay penalty for Rs.5000.
Ex: A.Y. 2012-13..end A.Y.31-03-2013 So in your case..
if you need to file 139(1)
as relevant assessment year already ended.
AO may direct you to pay 5000 as penalty under section 271F
**If you are not mandatorily required to file return as per 139(1) section 271F not applicable to you..
CAclubindia
