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sagar (Querist)

31 January 2015 my it return of py2013-14 is yet to be filled. please tell me what is the consequences of this and till when i can file my return.

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)

31 January 2015 Plz find the Return or or before 31.03.15 other wise a penalty of Rs. 5000/- may be levied u/s 271F by Deptt.

Further it your Tax Payable is above Rs. 5000/- then you are also Liable for Interest u/s 234A @ 1% p.m or part upto Till Date from 31.07.14 if No Audit Case.

In case of Audit case Interest would be charged from 30.11.14.

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)

31 January 2015 Dear sagar

As your actual date of filing the return is passed i.e.,31st july 2014.

Now you can file the return under sec 139(4) i.e. belated return and the time period is " with in one year from the end or relevant assessment year or completion of assessment by Assessing officer".

So for FY 2013-14
Date is 31st march 2016 ; and

the consequence of the same is you have to pay interest under sec 234A for delay in filing of return @1% per month after the due date of filing the return of income.

and Assessing officer may raise penalty under sec 271F upto Rs.5000. However, AO doesnot raise the penalty.

Remember one thing if you are filing return having no tax liability, then there is no interest.

Regards

Pradeep Kumar

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)

31 January 2015 You are right but AO will raise Penalty of Rs. 5000/- if return is filed after 31.03.2015 not before that.

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