can i file return for a.y. 2014-15 i.e. p.y. 13-14 as now .
i am individual and my GTI is less than exemption limit, if yes then what will be section for as same as asked in the java utility for online filing.
please answer.
Menu
can i file return for a.y. 2014-15 i.e. p.y. 13-14 as now
Replies (7)
You can file online before April 1 2016, but fine of Rs.5,000 will be automatically added.
Why would you file return, if your GTI is below the maximum amount which is not taxable? But still if you want you can file return for PY 13-14. As law says that Assessee can file return of income maximum upto one year from the end of the Assessment year for such relevant previous year.
Therefore in your case AY for PY 13-14 shalle be 14-15 and if we add one more year it would be March 31, 2016. Hence no penalty has to be paid but yes interest u/s 234 has to be paid.
Regards
|
Correct me if wrong, but shouldn't return be filed before the end of assessment period (in this case March 31 2015) in order for no penalty? I believe penalty applies if you file from April 1 2015 onwards. Originally posted by : Deepak |
||
 |
Why would you file return, if your GTI is below the maximum amount which is not taxable? But still if you want you can file return for PY 13-14. As law says that Assessee can file return of income maximum upto one year from the end of the Assessment year for such relevant previous year. Therefore in your case AY for PY 13-14 shalle be 14-15 and if we add one more year it would be March 31, 2016. Hence no penalty has to be paid but yes interest u/s 234 has to be paid. Regards |
 |
A penalty of Rs.5000 imposd u/s 271F if belated return is submitted after the end of AY and in this case, since AY is over, penalty is applicable.
No return no penalty, no penalty no pain, no pain no gain, no gain no exp., no expenses no income, no income no return
It's not P Y its F Y
Penalty will be leviable only if assesse was liable to file ITR. And in present case since income is below taxable limit(here gross income should be seen, not need income after deduction) no penalty will be levy. Kartik you can file your ITR without any problem if gross total income below exemption limit.
Recent Topics :
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
Related Topics :
CAclubindia
