Partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2013 A firm was registered in October,2012. After that they have started their business in the month of April,2013. My doubt is whether the Income Tax return has to be filed for the FY 2012-13??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 November 2013 a firm is required to file file return irrespective of whether business is being done or not. Refer Section 139(1).

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 November 2013 Income tax return has to be filed for FY-2012-13.

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2013 If the return was filed now..there will be any penalty??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 November 2013 yes. penalty under 271F (Rs 5000) can be levied.

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2013 It has to be paid at the time of filing the return or any notification wil be given by the IT dept.?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 November 2013 not at the time of filing the return. It is a penalty. So only if the AO issues you a notice of penalty and wherein you accept the penalty, you have to pay. You also have an option to plead with the AO regarding waiver of penalty if a legitimate reason for non-filing/delayed filing can be given.

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2013 Thank you :)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 November 2013 you are welcome.

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