Sir I am a employee of a private ltd company.
I received my form 16 for assessment year 2010-11 in october 2010. but i failed to submit IT return for AY 2010-11
I had gross total income of90,000/- for AY 2010-11. would yo please let me know If I submit my return now, will IT dept charge any money as fine or not, my income is very less and it is not taxable.
please suggest me.
Thanking you
no problem now also you can file your returns.
Moreover you are not required to file your income tax returns itself.
below taxable limit, its not mandatory to file ITR, however if you like to file your ITR, it would be considered belated,
penalty u/s 271 is likely to get initiated, but at sole discretion of ITO, and usually below tax limit files are not taken for 271.
271measn Rs.5000/- penalty.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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