Itr-2

This query is : Resolved

Manoj Prasad (Querist)

27 March 2013 I AM FILLING ITR-2 AND ITR-4 FOR ASST.YEAR 2012-13 (31.03.2012)

I AM FILLING ON 25.03.2013

THERE IS NO TAXABLE INCOME,
IT WILL BE
139(1) OR 139(2)

WHAT WILL BE IF THERE IS TAXABLE INCOME

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

27 March 2013 It is 139(4) in any case either have taxable income or not.

if you filing your return of income with in due date specified u/s 139(1) then you have select 139(1) if you filing after the due date then 139(4) you have select.

According to the section 139(1) due date will be 31st July or 30th September of the concern assessment year to file return of income with out payment of any interest u/s234A if any self assessment tax payable. However section 139(4) allows to file return of income upto one year from the end of the assessment year with paying of interest u/s 234A if any self assessment tax payable.

Thus for A.Y 2012-13 due date u/s 139(1) is 31-7-2012(however it is extended upto 31-8-2012 for this year only) for non audit assessess and 30-9-2012 for audit assessess.

As well as for A.Y 2012-13 due date u/s 139(4) is 31-3-2014.

after 31-3-2014 filing of A.Y 2012-13 return shall not possible and not consider as a vaild return except in case if you received any notice u/s 142(1) then you can file A.y 2012-13 eventhough after 31-3-2014 u/s 142(1) with in the time period allowed in that notice.

However for A.Y 2012-13 return filed after 31-3-2013 then AO may levay penalty u/s 271.

So you are filing return now i.e after the due date of section 139(1). So your return shall be filed u/s 139(4).

Note: section 139(2) is not available now it is eliminated.

OM SAI SRI SAI JAI JAI SAI

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