26 March 2013
I had income of rs. 210000 in fy 2010-2011(AY 2011-2012). Proper saving done in 80 c. No tax liability. should i file return? what will be penalty for late filing and what is the penalty for non filing. What if i do not file the return
26 March 2013
According to the income tax act whose gross total income exceeds basic exemption limit must and should be file their return of income u/s 139(1) or u/s 139(4) due date. In your case your gross total income exceeds basic exemption limit so you have to file your return of income. To file F.Y 2010-11(A.Y 2011-12) return due date is available upto 31-3-2013 so file it immedieately to aviod any future problems.
Penalty will be levy upto Rs.2,500 and it may be more as decided by the AO.
As well as in your case your total income is below the basic exemption limit i.e means no tax payment liability so if the AO satisfied and he feeling you didn't have any other undisclosed income then he may not levy penalty. So imposing of penlaty will be depending on AO and his satisfication.
Don't worry about the penalty 99% of the cases will not be impose penalty if they have not any tax payment liability. And maximum cases penalty imposing if there is tax payment liability and didn't paid tax as well as didn't file return with in due date u/s 139(4) cases only.