Panelty u/s 271f
This query is : Resolved
Baljeet Singh
(Querist)
15 May 2014
Please clarify following situation.
Financial year 2012-13
Gross Salary is 220000/-
80C deduction 25000/-
Net Income 220000-25000 = 195000/-
If i file ITR 1 now.. can A.O impose penalty of Rs5000/- for belated return.
Financial year 2012-13
Gross Salary is 220000/-
80C deduction 25000/-
Net Income 220000-25000 = 195000/-
If i file ITR 1 now.. can A.O impose penalty of Rs5000/- for belated return.
Sandeep Dharar
(Expert)
15 May 2014
No Baljeet since u have no taxable income then no penalty & no interest will b imposed on u. Dont worry file the return.
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