Itr late filing
This query is : Resolved
01 July 2013
i want to file ITR for AY 2010-11 and 11-12, is there any panelty for filing in case income is below the taxable limit
01 July 2013
Last date of return filing--
AY 2010-11 - 31.03.2012
AY 2011-12 - 31.03.2013
(i.e., 1 year from the end of relevant Assessment Year.)
So now you can not file your return till you receive any notice from the Income Tax Department.
AY 2010-11 - 31.03.2012
AY 2011-12 - 31.03.2013
(i.e., 1 year from the end of relevant Assessment Year.)
So now you can not file your return till you receive any notice from the Income Tax Department.
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01 July 2013
no penalty if income is below taxable limit..under section 271F
however you cannot file your return now for said assessment years
however you cannot file your return now for said assessment years
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01 July 2013
Penalty u/s 271F may be imposed by AO whether income is below taxable limit or not. It is at the discretion of AO.
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.
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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03 July 2013
thank u Gupta ji
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