Penalty charges for late i.t. return

This query is : Resolved

kavita (Querist)
Follow

22 February 2013 i want to do I.Tax return file for F.Y. 2010-11 & F.Y. 2011-12. there is no any tax liability infact i have TDS certificate on interest earned.

so what will be the penalty charges for late income tax return filing for both years..

Please give me information about it..

thank you.

Ankit

Ankit (Expert)
Follow

22 February 2013 Dear Kavita,

the returnfor 10-11 has become time barred and cannot be filed now..

11-12 can be filed upto 31/03/2013.

since there is no tax liability, there will be no interest or penalty

Message likes : 1 times

CA. Jatin Gupta

CA. Jatin Gupta (Expert)
Follow

22 February 2013 the return for F.Y 10-11 can be filed till 31-3-13 i.e one year from end of the relevant assessment year. In this case A.Y being 11-12 so 31-03-13. and for F.Y 11-12 till 31-03-14. There shall be no penalty in your case.

Message likes : 1 times

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
Follow

22 February 2013 Dear Kavita Agree with Jatin
There is No Penalty for filing return for the F.Y_2010-11 & F.Y_2011-12.
Only Interest U/s 234A is to be paid for 18 Months & 6 Months respectively.

Message likes : 1 times

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

22 February 2013 Dear Rajesh,

What I understand from Kavita's query is that she doesn't have any oustanding liability.

Therefore, even 234A shall be NIL.

Message likes : 1 times

CA. Jatin Gupta

CA. Jatin Gupta (Expert)
Follow

22 February 2013 agree with you nikhil

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now