Now filing income tax return of a.y. 2010-11 ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 December 2011 my client went filing the return of a.y. 2010-11 with tax payable..what is possible now?
what any interest & penalty ?

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14 December 2011 Return can be filed till 31.03.2012.

14 December 2011 Although return can be filed till 31.03.2012, penalty of Rs. 5000/- can be levied for filing late return.

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14 December 2011 Agree with Mr. Siddhartha.

However penalty will be levied whether you file income tax return or not for A.Y. 2010-2011.

14 December 2011 Agree with all experts,

penalty u/s 271F for late filling of return of Rs. 5000 and interest u/s 234A shall be levied at the rate 1% per month or part of the month for late filling of return.

further if tax payable more than Rs. 10000 after TDS,then interest u/s 234B and 234C shall be levied for not deposit advance tax.

regards
Vishal Rana

14 December 2011 Penalty is not mandatory. The A.O. Can waive the penalty if the reasons are satisfactory for non filing in time. You should file the return with tax & interest. If you receive the notice for penalty from department then give suitable reply. It may also happen that you will not receive the notice for penalty. But prepare yourself for both the conditions.

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 December 2011 Thanks all of you...neha,sidhart,vishal and ratan...


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