Penalties for non filing of itr

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 July 2014 sir, I want to know the amount of penalty in case of non filing of return having income more than Rs. 5 lakh in case the amount of tds is already deducted on gross income

15 July 2014 The penalty is Rs. 5000/- along with interest u/s 234A, 234B and 234C.

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Querist : Anonymous

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15 July 2014 thanks but can u pls tell me the rate of interest

15 July 2014 If tax liability is fully covered by TDS, no need to pay interest hence query turns redundant.

15 July 2014 Visit the following link for interest information:-


http://finotax.com/income-tax/intt234


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