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Income tax return for 2 years
An individual haven't filed income tax return for 2 years i.e A/Y 12-13 and A/Y 13-14. Now, can he filed return of a/y 12-13 without any penalty if his income for that year was nil? Please suggest..
Replies (6)
Penalty is required to be paid even if the income is nil
PENALTY IS NOT PAID AS PER INCOME TAX LAW IS TAX IS NIL.
penalty is not required if nil return
No penalty at all...
No penalty will be liable for AY 12-13
1 )why you want to file return when the income for that year is nil.
2) even if you want to file the return for A.Y 2012-13, the last due date was 31st march 2013, now you cannot upload the return on line for A.Y.2012-13, you have filr physically.
NO YOU WILL NOT PAY PANELTY . YOU CAN FILE RETURN FOR A.Y 12-13 (F.Y 11-12) UPTO 31. MARCH 2014.BUT IF YOU HAVE BALANCE TAX AFTER DEDUCTED ADVANCE TAX APPROX 3000. THEN YOU WILL PAY PANELTY U/S 276CC.
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