Filing of Income Tax Return before 31.07.2008

ITR 1325 views 2 replies

suresh

M-F&A

69 Points Joined April 2008

Individual to file Income Tax return before 31st Jul,2008, but we can file after that also but before 31.03.2009 subject to payment of 1% interest on tax laibilities if any, this is my understanding, but as i read in news paper that late filing of return will attract penalty Rs.5000/- and/or jail term also u/s 271F, is it true ? What will be consequences if return filed after 31.07.2008. Please give valued comments !!

Replies (2)

Mahesh.k.

Data Analyst

195 Points Joined July 2008

Originally posted by :suresh
"	Individual to file Income Tax return before 31st Jul,2008, but we can file after that also but before 31.03.2009 subject to payment of 1% interest on tax laibilities if any, this is my understanding, but as i read in news paper that late filing of return will attract penalty Rs.5000/- and/or jail term also u/s 271F, is it true ? What will be consequences if return filed after 31.07.2008. Please give valued comments !!	"

It is for intentional default of tax payment , Those who have not filed with in 31st of this month will attracted by sec -271F , Your view is only in case of refilling of returns not for First Filling.....