Late filing of returns

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vibhu (Querist)
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29 March 2012 I have not filed income tax returns for Asses ment year 2010-2011. There is no outstanding tax to be paid. What would be the penalty for late filing of the returns in that case and how does one pay the penalty. Also I have outstanding tax to be paid for AY 2011-12 and 2012-13. What would be the late payment penalties in that case?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 March 2012 1. Return for AY 10-11 can be filed till 31.3.2012. In such a case, a penalty of Rs. 5,000/- may be levied. But since there is no tax liability the AO may waive the penalty.

2. Return for AY 11-12, if filed on or before 31.3.2012, will NOT attract any penalty. However, interest tu/s 234A, 234B and 234C will have to paid.

2. Return for AY 12-13 is not even due yet. The due date will be 31.07.2012. Accordingly there is no question of penalty. However, interest u/s 234B and 234C will have to be paid.

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