ITR for FY 2008-09

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Pritam Singh

Pritam Singh (Querist)
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28 May 2010 Can i file a nil return for FY 2008-09.
is there any penalty or additional charges?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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28 May 2010 You can file nil return for FY 2008-09 till 31st March 2010 without any penalty.
But now you have to pay penalty of Rs. 5000/ for it.

Pritam Singh

Pritam Singh (Querist)
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28 May 2010 But there is no Tax payable & No Liability of filing return.
I just want to file return for Loan Purpose

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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28 May 2010 [Penalty for failure to furnish return of income.

271F.If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]

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Notes :-

1. Substituted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its substitution, section 271F, as inserted by the Finance Act, 1997, w.e.f. 1-4-1997, substituted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999 and later on amended by the Finance Act, 2001, w.e.f. 1-6-2001, read as under :

"271F. Penalty for failure to furnish return of income.—If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139, fails to furnish such return before the end of the relevant assessment year, he shall be liable to pay, by way of penalty, a sum of five thousand rupees :

Provided that a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five thousand rupees."

Such penatly is not for tax payable or any liablity. It is for late filing of return.
If some amount is payable also then Interest u/s 234A/B & C will also apply.

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