Penalty of filling income tax return after 31st march.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 IF WE FILE NON TAXABLE INCOME TAX RETURN FOR F.Y.2011-12 AFTER 31ST MARCH'13 I.E. SUPPOSE IN JULY '13,THEN,PENALTY OF RS.5,000/- WILL BE LEVIED OR NOT?PLS.ANSWER...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 August 2013 If you were required to file income tax return u/s 139(1) but filed the same after 31.03.2013 (For AY 2012-13) then a penalty of Rs 5000/- may be imposed by AO u/s 271F.

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 IF NOT REQD.TO FILE RETURN AS NET TAXABLE INCOME WAS LESS THAN MAXIMUM AMOUNT NOT CHARGEABLE TO TAX,BUT FILED RETURN VOLUNTARILY ONLINE ON JULY'13 FOR F.Y.11-12, THEN WHETHER PENALTY WILL BE IMPOSED OR NOT? WHETHER NOW SHOULD WE SEND THE NET PRINTED ACKNOWLEDGEMENT TO BANGALORE.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 August 2013 Section 139(1) says 'If total income of any person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax he shall, on or before the due date, furnish a return of his income.

So its Total Income and not Net Taxable Income.

IF total Income was more than the exemption limit then AO has the power to impose such penalty after giving you an opportunity to be heard.

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 WHAT DOES THE TOTAL INCOME MEANS,BEFORE DEDUCTION OR AFTER DEDUCTION?

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 ALSO,PLS.TELL AFTER FILLING E-RETURN,IF WE DO NOT SEND ACKNOWLEDEMENT TO CPC,KANPUR,THEN,RETURN WILL DEEMEND TO BE FILED OR NOT?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2013 Gross Total Income: As per section 80B(5), ‘gross total income’ means the total income computed in accordance with the provisions of Income-tax Act, before making any deduction under Chapter VIA.

Taxable Income: The total income of an assessee is the income arrived at, after claiming all deductions in accordance with and subject to the provisions under Chapter VIA (sections 80C to 80U) from the Gross Total Income. The total income is also known as the Taxable Income of assessee.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2013 If after filing you do not send the Ack within 120 days the the return so submitted will not be considered.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 THANKS FOR YOUR REPLY.IT WAS REALLY HELPFUL.

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