Return for last two year

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rahul (Querist)
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19 November 2013 dear frds ....hai..to all ...I want to know ..if I file my income tax return to AY 2012-13 and 13-14 what will be penalty actually.. I have not so much taxable income... but I need ITR for last 2. year for visa purpose... pls help me out ...let me about penalties and penal interest.... and consequence also...thanks

CA Roshan Jha

CA Roshan Jha (Expert)
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19 November 2013 For A.Y. 2013-14, there is no question of any penalty, however you will be liable for interest u/s 234A. Further interest u/s 234B and 234C can also be levied, if your tax liability exceeds Rs.5,000.

For A.Y. 2012-2013, In addition to the above you may be liable to penalty of Rs.5,000. However penalty is not levied if there was bonafide reason for not filing the return before the end of Assessment year.

Ganeshbabu K

Ganeshbabu K (Expert)
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19 November 2013 Dear author you can file belated return for A.Y.2013-14 there is no penalty applicable for you,,however if any tax payable you have to pay interest @1% p.m. u/s 234A,however 234B,234C also applicable if your net tax payable is more than 10000
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if your taxable income is more than basic exemption limit A.O. may impose a penalty 5000 u/s 271F
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you have to pay only as and when ao demands for it..you can file return as belated ...

CA Roshan Jha

CA Roshan Jha (Expert)
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19 November 2013 Sorry My mistake. The limit for payment of interest u/s 234B and 234C is Rs.10,000/-.

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