Non-filing of it return for 31.03.10
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2013
Due to some unavoidable reasons, I could not file my IT Return for the financial year ended 31.03.11. Rs. 35,000/- has been deducted by supplier as TCS from my a/c. Now, I have received a notice from IT Deptt. asking me to reason behind non-filing of IT Return (also mentioning TCS amount therein). What may be the consequences of for this non-filing of IT Return ?
Dintakurthi Tirumala
(Expert)
01 August 2013
Don't worry reply to the ITO with such unavoidable reason for non filing of income tax return for such year and file the return now u/s 142(1) then it is valid.
If such ITO is satisfied with such reason and you didn't have any tax payment due after adjustment of TCS then he may not levy any penalty for non filing of return of income. Otherwise penalty shall levy of Rs.5,000 + equal amount of tax payment liability if any(after adjustment of TCS) + any addition amount according to his satisfy.
OM SAI SRI SAI JAI JAI SAI
If such ITO is satisfied with such reason and you didn't have any tax payment due after adjustment of TCS then he may not levy any penalty for non filing of return of income. Otherwise penalty shall levy of Rs.5,000 + equal amount of tax payment liability if any(after adjustment of TCS) + any addition amount according to his satisfy.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
