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Itr 4
one of my neighbour wants to file ITR 4 for the ay 11-12 now as is requird by the vendor of car co.for purchasing the car.
penalty u/s 271f for late filing the return wil b levied or not if i show income below exemptn limit??
Replies (5)
No penalty is levied.
As Per section 139(4) Belated return can be filed
1) within One year from the end of Assessment year OR
2) Before completion of assessment
Wichever is earlier
If the Return is filed after assessment year then assessee MAY BE liable to pay PENALTY U/S 271F (Rs 5000)
Agree with Vipul
If the income is below the taxable limits then no penalty willl be levied.
No penalty wiil be levied, interest U/S 234 A should be paid for late filing. if the tax exceeds Rs. 10000 means interest U/S 234 B and 234 C will be .applicable
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