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Submission of it return of taxable income a.y.-2015-16

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Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2016 Can a Salary Person who has 8 lacs Salary Income and Tds deducted by Employer in A.Y.-2015-16. can submit Return A.Y-2015-16.will it not attract Rs. 5000/- penalty for non submission of IT Return within 31.03.2016? Because It is taxable file though TDS has been deducted but Return must be submitted witin 31.03.2016.Plese reply anyone

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

19 April 2016 As per Section 139(4) of IT Act, 1961, you can file your return upto 31.3.2017 with penalty of Rs. 5000/-. At the time of filling you won't be required to pay this Rs. 5000 as penalty for late filling of income tax return. However in case you receive a notice from income tax officer, you would be required to pay Rs. 5000/- for late filling of return. However income tax officer can waive this penalty in case of any genuine reason showed for late filling of return.

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