Late filing of return

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2011 Where the original return for PY 2009 -10, AY2010-11 ,due for filing on 31-7-2010 , and that can be filed uptil 31.3.2011(By virtue of provisions of belated return ) ,has been filed only in July 2011 ,would penalty provision u/s 271(1)(c) be applicable for Rs 5000 ? Would it be a show cause notice or 143(1) intimation or penalty notice itself or any other and uptil what time do the IT dept process it?What can be expected from this delayed filing of return .All taxes due ,int u/s 234(a,b,c) all have been paid though.Please advice .Thanks in advance.

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)

19 November 2011 As you were not concealed the particulars of income ,penalty u/s 271(1)(c) not applicable in this case.

But you have filed return for PY 2009-10( AY 2010-11)in July 2011,provisions U/s 271F be applicable where failed to file the return before end of relevant AY, AO MAY impose a penality of RS.5000.

Write a letter to the commissioner in case of show cause notice served on you, he may reduce or waive the amount of any penalty imposed.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

19 November 2011 Penalty at the discretion of the Assessing Officer and they exercise their power when it is deemed to be fit so.

In case you have filed the return with tax, it may be considered as " Better late than never" and as such you may not be levied the penalty.

For penalty , you may be issued a SCN, but till it is not received, you need not to worry much.

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