Itr late filing

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Pawan Jaiswal (Querist)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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Ganeshbabu K

Ganeshbabu K (Expert)
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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

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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Pawan Jaiswal

Pawan Jaiswal (Querist)
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03 July 2013 thank u Gupta ji

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