one of my client work under contract eligible under section 44ad. his income below the maximum limit & he has not filed income tax retrun for assessment year 2013-14 but the company deduct tds under sec 194c. now he can claim refund for assessment year 2013-14 in belated retrun.
Belated return u/s 139(4) can be filed upto 31.3.2015 i.e. one year from the end of relevant Assessment Year (which is AY-14-15). You may file belated return and claim TDS refund. If GTI is less then taxable limit, Penalty shall not be levied else, if GTI was above Taxable slab, that means assessee was required to file the return u/s 139(1), and penalty of Rs. 5000/- may be levied u/s 271F.
In your case, as you mentioned, income (GTI) is less then taxable limit, no penalty shall be levied.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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