Late fiking of itr

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2014 Can ITR for assessment year 2013-14 be filed now? There is some refund due, but I forgot to efile my Return. Will there be any penalty for late filing?

CA UMESH DULAL

CA UMESH DULAL (Expert)

01 August 2014 Yes you can file the Return of income for AY 2013-14 until 31/03/2015. You have to pay the penalty for filing of late return which is 5000 and in most of cases ITD is adjusting this penalty against the refund.

Rupesh Jain

Rupesh Jain (Expert)

01 August 2014 you can file return till 31.3.2015. but you have to pay penalty rs. 5000/-

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

01 August 2014 Yes you can file belated return u/s 139 (4) upto 31.03.2015 or date of assessment whichever is earlier subject to a maximum penalty of Rs 5000 u/s 271F. Levy of penalty is at the discretion of AO after giving assessee a reasonable opportunity of being heard. He may or may not impose the penalty. No need to pay penalty at the time of filing of return.

CA UMESH DULAL

CA UMESH DULAL (Expert)

04 August 2014 @sanjay Ji, In my case the AO has adjusted penalty with refund without notice. Notice for penalty for late filling is not normally served.

CA UMESH DULAL

CA UMESH DULAL (Expert)

04 August 2014 @sanjay Ji, In my case the AO has adjusted penalty with refund without notice. Notice for penalty for late filling is not normally served.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

04 August 2014 Umesh Ji you should contest that. Section 271F is pretty clear on this. Assessee should be given an opportunity of being heard.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

04 August 2014 But Umesh Ji, refund is issued by CPC then how can AO adjust the penalty against refund. Your case must be old one prior to CPC era.

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