kartik jain (Student CA Final ) (45 Points)
08 July 2015can 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.
Priya Singh
(Finance Professional)
(52 Points)
Replied 08 July 2015
You can file online before April 1 2016, but fine of Rs.5,000 will be automatically added.
Deepak Bhardwaj
(ACS, LLB & CA Finalist)
(132 Points)
Replied 08 July 2015
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
Priya Singh
(Finance Professional)
(52 Points)
Replied 08 July 2015
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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 |
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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 |
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CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 08 July 2015
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.
Arun kumar
(Accountant)
(51 Points)
Replied 08 July 2015
saurav singhal
(article assistent)
(38 Points)
Replied 08 July 2015
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