Refund of a.y. 2011-12 - urgent

There is no penalty on late filling of return as such.But, Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under
"If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees"


so this section says end of relevant assessment year ,as for previous year 2011-12, assessment year is 2012-13 and its end on 31.03.2013 ,means there is no liability for late filing of income tax return up to 31.03.2013 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.

 

Now, You can do one think, if your refund is more then the penalty, then submit the return physcially and claim the refund. Do give the reason for late return at the time, when AO impose penalty.

 

 

Regards

Karandeep