Itr return for the a.y.2011-12
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2013
Can a Salaried person who does not have tax liability of other than Short Term Capital Gain of Rs.292/- and long term capital loss of rs. 2435/- from listed shares of stock exchanges can file the return on 31-03-2013 without any penalty on late filing return. Pls. explain in breif. Thanks in advance
Deepanshu Agg.
(Expert)
16 March 2013
As per section 271F .A.O can levy penalty upto Rs 5000/-.However penalty can be dropped if ,reasonable cause has been explained to AO at the time when he issues show cause notice
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