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regarding date

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(Querist)
28 July 2008




Suppose a person who has income but that is below threshold limit & he is not liable to pay any taxes. If he files the return after due date ( 31st july for individual) it will attract any interest or penalties or it will do.
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Vishnu Agarwal

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Vishnu Agarwal (Querist)
28 July 2008



Reply as early as possible.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
28 July 2008 No question as there is no taxable income on which interest is calculable.
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CA. Dhirendra Singh

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CA. Dhirendra Singh (Expert)
28 July 2008 Interest is applicable only when person having tax amount on his taxable amount.

But penalty can be impose up to Rs. 5000
because penalty arise, when ROI filled after due date .
It means there is no relation between taxable income and penalty .
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