20 February 2014
sir i found one query regarding Return file under income tax , can i make file for two year back means for F.Y. 2010-11? Is there any penalty or anything please inform me
CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE If a return is submitted after the due date, the following consequences will be applicable: 1. The assessee will be liable for penal interest under section 234 A. 2. A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year. 3. If the return of loss is submitted after the due date, a few losses cannot be carried forward. 4. If the return is submitted belated, deductions allowable under certain sections will not be available.
However till date I have not come across a single case where I.T department has imposed this penalty. So just file the return and pay taxes and interest thereon, if any.
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