Late filling of itr

This query is : Resolved

Veera Narayana Reddy.K (Querist)
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20 July 2013 Dear Experts,
Due to some reasons if I have failed to file ITR in time then what is penalty or interest on that. That ITR belongs to AY 2012-13.Can I apply if.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 July 2013 IF ITS FOR AY 12-13 THEN U CAN STILL FILE BELAED RETURN U/S 139(4) UPTO 31.3.2014 WITH A PENALTY U/S 271F OF RS.5,000.

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Ganeshbabu K

Ganeshbabu K (Expert)
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21 July 2013 1)You are not under obligation to pay penalty at the time of filing RETURN OF INCOME you need to pay only if AO demands you to pay penalty.

2)let me tell you Section 271F is applicable if you are liable to file return under section 139(1) but fails to submit with in end of relevant assessment year

Thanks & regards
Ganesh babu k

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2013 Let me tell you Author has already said if he fails to file return in time ,it is implied that he is referring to sec 139(1)-due date of filling return in time.

Accordingly penalty will be imposed by AO u/s 271F for 5,000.

Ganeshbabu K

Ganeshbabu K (Expert)
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22 July 2013 yes..it is i agree..

i just said penalty will be payable only on demand of AO not required at the time of filing

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2013 yes i also agree that penalty should be paid only if impose....

bt usually if the assesse does not have any reasons which were so strong to prevent him from filling return in time and AO does not accept the reasons for late filling then in 99.99% cases of late filling penalty is imposed under sec 271F.

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