Return filing
This query is : Resolved
02 August 2012
I have pan card last five years but not filed a return because of income less than basic exemption of individual but now i want to filed a NIL return (A/y 2011-12 & 2012-13) please suggest i can do so . Also guide me about any penalty or any charges levied of bleated return
my income from under profession
my income from under profession
SANYAM ARORA
(Expert)
02 August 2012
Yes you can file so
CA.Sourabh Sethia
(Expert)
03 August 2012
yes you can file
and there will be no consequences for that
since your return is a Nil return
there will be no Interest for that
and also no penalty
and the belated return penalty can be initiated only at the discretion of Ao
if he has reasons to believe that there is significant cause for such delay
and there will be no consequences for that
since your return is a Nil return
there will be no Interest for that
and also no penalty
and the belated return penalty can be initiated only at the discretion of Ao
if he has reasons to believe that there is significant cause for such delay
Prakash Kochar
(Expert)
05 August 2012
You can file return with NIL tax liability. No interest or penalty will attract.
AO has no authority or discretion to initiate penalty for belated return having income below limit liable for minimum tax.
Partly disagree with Mr. Sethia.
AO has no authority or discretion to initiate penalty for belated return having income below limit liable for minimum tax.
Partly disagree with Mr. Sethia.
CA.Sourabh Sethia
(Expert)
06 August 2012
you cannot say that he has no authority
Prakash Kochar
(Expert)
07 August 2012
under which sect. penalty will attract for belated return having tax liability at NIL ? kindly reply.
Penalty u/s. 271A may attract if failure to keep, maintain or retain books of accounts or documents etc. as required u/s. 44AA.
Penalty u/s. 271A may attract if failure to keep, maintain or retain books of accounts or documents etc. as required u/s. 44AA.
CA.Sourabh Sethia
(Expert)
07 August 2012
U/s 271F
but it is generally not levied in case of nil return
but it is generally not levied in case of nil return
Prakash Kochar
(Expert)
21 August 2012
Income is below exemption limit therefore is not under statutory obligation to file return u/s. 139(1). Under the facts there is default u/s. 271F attracting penalty.
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