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Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2012 Dear concerned,

Exp.1 my income is Rs. 2,50,000 as on 31.03.10

deducation is rs. 1,00,000 in 80C
and rs. 15,000 in 80D

could i submit my return today. Is any penelty or interest on this?

Kindly suggest

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

16 March 2012 As per the IT act Whose Gross total Income exceeds basic exemption limit required to file Income tax Return So in your case Gross Total Income is Rs.2,50,000 and the basic exemption limit for A.Y.2010-11 is Rs.1,60,000 so you are required to file Income tax return and your total income is Rs.1,35,000(2,50,000-1,00,000-15,000) so your tax payable is Nil. Those who are not filed their income tax return with in due date prescribed under section 139(1) and have self assessment tax payable at the time of filing of return are liable to pay interest @1% p.m on self assessment tax payable amount for the delay period of filing of return under section 234A. In your case tax payable is Nil and self assessment tax payment is nil so you are not liable to any payment of interest and penalty.
OM SAI SRI SAI JAI JAI SAI

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