ITR for FY 2007-08

This query is : Resolved

anckoora (Querist)
Follow

29 August 2009 dear sir,
I am a salaried assessee. My Gross Salary Income in FY 07-08 was 120000/-. I paid LIC premium of my wife(unemployed)-10000/-. So net Income 110000/-, below thrshhold limit. So no tax liability. Now, my question is (a) Should I get & attach it with ITR, Form 16 for 120000/- ? No TDS was deducted-as net income is 110000/-.(b)How much and under which section penalty will be levied on me for late filing of ITR ? Pl. soecify this sction no. because, when I went on 28.8.09 to file this ITR, i.Tax Inspector told me that for late filing of this ITR, you will receive notice from us u/s 271 for penalty of 10000/-. he also asked me to attach form 16. Is he right for both the querry ??

thanks, sir

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
Follow

29 August 2009 He is Right but penalty is 5000 instead of 10000, and section is 271F instead of 271. (if your income is below thrshhold limit. otherwise section 271 applicable and penalty is 10000) but u can also give explanation for late filing and 271f penalty is may be levied not must be. If u Give satisfied Explanation then penalty not leviable. And only NAME AND TAN NO OF EMPLOYER REQUIRED NOT FORM NO. 16

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
Follow

29 August 2009 Penalty will come for fy2006-07,not for 2007-08,lost date is march 2010.you can file within 2 years...I dont think you have to pay penalty only have to pay interest if you have tax liabilities..

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
Follow

29 August 2009 Recently i filled salary return for the fy 2007-08, they accepted dint ask me to pay any penalty...upto 2 years you can file the returns.

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
Follow

30 August 2009 Sir just Check section 271f. After due date if return is filed penalty may be levied but there is one or two rare case that penalty levied by i.t. dept.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

nandeesh mashyal

Rasheed Mohd Abdul

Shraddha Pangam

Aayushi Chauhan

Anurag Sharma

Subscribe Now

ITR for FY 2007-08

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA