Tax deposit & return

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Krishna (Querist)
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28 July 2010 Hi,

sir could pls anybody give the details if individual/Co return not filled on 31st July 2010 then what is interest rest and penalty for nil/tax return ???

Thanks

Krishna

Manoj

Manoj (Expert)
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28 July 2010 No Penalty but the ITR of co. should be filed on or before 30.09.2010.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 Dear Krishna,
No interest and penalty for non filing of Income Tax return u/s139(1), since it is a nil return. You can file belated return later u/s 139(4). A person who has not furnished a return within the time allowed to him u/s.139(1) may furnish the return, at any time before the expiry of one year from the end of the relevant assessment year as per the provisions of S. 139(4) of the Act.
Regards

Krishna

Krishna (Querist)
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28 July 2010 Thank you very much Sir but if tax is to be paid then wt will be the penalty n interest ??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 If tax amount is less then Rs.10000/- then no penalty. Otherwise Penalty of Rs.5000/- will be imposed u/s 271F. Interest u/s 234A will also be payable @1%. The new income tax excel software auto calculates TAX and interest figure. Just fill in details and click on calculate.

Krishna

Krishna (Querist)
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28 July 2010 thanks a lot sir for information !!