ACA M.COM
407 Points
Joined August 2009
Belated Return u/s 139(4) can be filed up to the end of 1 yr from the end of relevant AY or completion of assessment whichever is earlier.
The Act stipulates to mean that, if an assesse no income or rather no tax due, then certainly he ecsapes from penalty and interests under section 234A,B,C.
But,But, But if return is filed late a Penalty of Rs. 5000 (at the discretion of assess) can always be charged under s.271 F.
Further, if you can convince the officer adequately to his satisfaction the reason of your delay than then penalty shall be quashed (Elaboration of S.273B)
BUT THE TWIST IN YOUR CASE MISS FRIYANA IS THAT , YOU WERE NOT EVEN SUPPOSED TO FILE THE RETURN, SINCE YOU DIDNT HAVE ANY TAXABLE INCOME AT ALL.
ITS A PURE CASE OF VOLUNTARY COMPLIANCE
SO GO AHEAD, NO FINE NO PENALTY, JUST FILE THE RETURN
Hope that helps...........
Regards and Cheers