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Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2014 Dear Sir,
Can I file return for A.Y. 2013-14 now?

Please reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

01 August 2014 Yes you can file belated return u/s 139 (4) upto 31.03.2015 or date of assessment whichever is earlier subject to a maximum penalty of Rs 5000 u/s 271F. Levy of penalty is at the discretion of AO after giving assessee a reasonable opportunity of being heard. He may or may not impose the penalty. No need to pay penalty at the time of filing of return.

Rupesh Jain

Rupesh Jain (Expert)

02 August 2014 you can file return till 31.3.2015. with any penalty after that if your income is excess of exempt limit then you have to pay penalty rs. 5000/-

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2014 It means that if I have income less than Rs. 200000, then I can file IT return without any penalty? Or I would have to incur the same at the discretion of AO?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

04 August 2014 If Income less than Rs 200000 then no penalty since you are not required to file return u/s 139 (1).

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2014 Is it mean that in any case I will not have to pay penalty?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

04 August 2014 Yes. Provided your income was below Rs 200000.

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