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Late filing of tax returns

amitg (worker) (24 Points)

07 August 2011

Hello,
I am salaried person.
In FY 2010-11, I changed my job & hence have 2 form 16
I submitted my tax details to a CA. He calculated my tax & asked to pay Rs. 15000 online using chalan 280
I did that & gave him chalan details but he did not file my tax return before 31-July-2011

Now he is ready to do it.
I would like to know
what would be penalty amount ?
he is asking to fill ITR2 instead of ITR1 even though i have only single house property & absolutely no income from any other source than salary
Should i submit ITR1 instead of 2?

Guidance is appreciated.
Thanks
Amit

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19 Replies

kallu (Software Engineer) (113 Points)
Replied 07 August 2011

https://www.raagvamdatt.com/Missed-the-income-tax-return-ITR-filing-deadline-of-31st-July/153/

Vishwas V Rao ( Chartered Accountant) (239 Points)
Replied 07 August 2011

AS you have paid the tax amount already, there will not be any penalty or interest.

PRAMOD PANDIT M.COM , CA FINAL (PROFESSIONAL SERVICES) (207 Points)
Replied 07 August 2011

There is no harm if use any itr1 or itr 2 form be relaxed!

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 07 August 2011

nothing to worryy.. there is no harm in filing ITR 1 ... and there is no penalty.... :-)

Sudhanshu Prajapati (Article) (981 Points)
Replied 07 August 2011

Originally posted by : pramod pandit
	There is no harm if use any itr1 or itr 2 form be relaxed!

Amit (Chartered Accountant B.Com(H)) (453 Points)
Replied 07 August 2011

Yes you are not required to fill ITR2, but it is okay if you have done it . Further since you failed to have file your return in time you are required to pay interest under section 234A on the self assessment tax i.e.15000.

Anuraag Sharma (Sr Executive Finance) (845 Points)
Replied 08 August 2011

1.No penalty and No Interest as tax has already been paid.. 2. Since ITR-1 can be filed only in case of Salary from ONE Employer and you received Salary from Two Employers....the ITR-2 shall be filed.

Anuraag Sharma (Sr Executive Finance) (845 Points)
Replied 08 August 2011

However, date of payment of Tax may impose a little interest u/s 234A/B/C

Prajakta save (CA STUDENT) (73 Points)
Replied 08 August 2011

There is no penalty as such for this fault ,absolutely no penalty .

"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

End of relevant assessment year ,as for previous year 2010-11, assessment year is 2011-12 and its end on 31.03.2012 ,means there is no liability for late filing of income tax return up to 31.03.2012 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

Charanjit Singh (Senior Consultant) (34 Points)
Replied 08 August 2011

Its ok to file return in ITR2 also but section 234A is application and what ever small amount of interest required to be paid

Charanjit

Mihir (Wealth Manager) (5293 Points)
Replied 08 August 2011

File u/s 139 (4)

K.UMAMAHESH (CHARTERED ACCOUNTANT) (28 Points)
Replied 08 August 2011

Nothing to worry whether to file ITR-I OR ITR-2. Regarding late filing of Return and self assessment tax paid within the due date no interest charged u/s 234A/B/C. however penalty may be levied u/s 271F Rs.5,000/-

Ruchi Saini (Fresher) (43 Points)
Replied 08 August 2011

Deae Sir,

do'nt worry ...Interest would not be payable in case where tax amount hasbeen deposited prior to due date of filing of ITr ,even if return of Income is filed after due date of furnishing Return.

-CIT vs. Prannoy Roy(2009)179 Taxmann53(SC)

1 Like

Amit (Chartered Accountant B.Com(H)) (453 Points)
Replied 08 August 2011

Originally posted by : Ruchi Saini

Deae Sir,

do'nt worry ...Interest would not be payable in case where tax amount hasbeen deposited prior to due date of filing of ITr ,even if return of Income is filed after due date of furnishing Return.

-CIT vs. Prannoy Roy(2009)179 Taxmann53(SC)

okay . i was not aware that sc has upheld the HC judgment (2002). thanks for updating .