Itr

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Amit Gupta (Querist)
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08 March 2015 I don't have filed my itr for the F Y 12-13 or 13-14. now can I file my return with in March 2015 or any interest paid or any penalty imposed on it please tell me?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 March 2015 For FY 2013-14 i.e., AY 2014-15 you can file belated return u/s 139(4) within 31.03.2015 without any penalty. After 31.03.2015 you can file return upto 31.03.2016 subject to a penalty of Rs 5000/- (Maximum) u/s 271F.

For FY 2012-13 i.e., AY 2013-14 the last date of submitting belated return is 31.03.2015 but a penalty of Rs 5000/- may be levied u/s 271F.

Levy of penalty u/s 271F is at the discretion of AO after giving assessee an opportunity of being heard. Rs 5000/- is maximum penalty.

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