Tax

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Vikas D Kothari (Querist)
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30 September 2014 is there any penalty for late return of filling for individual tax return whose date was 31 july though the payment of tax was made on time

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 September 2014 No interest u/s 234A for filing belated return if taxes are paid in full before due date of filing of Income Tax Return.

If the return is filed after the end of relevant assessment year then a penalty of Rs 5000 may be levied u/s 271F. Rs 5000 is maximum penalty. Levy of penalty is at the discretion of AO after giving the assessee a reasonable opportunity of being heard.

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