Consultancy
43 Points
Joined June 2008
Hi all,
As per Section 139(4) a person may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.Therefore,the return for the A.Y.2010-11 may be filled till 31.03.2012.
At the same time Section 271F states that in case the return is not filed within the time allowed under section 139(1) then the assessee is liable for a penalty of Rs.5000/-.
Therefore 2 situation arises:
1) In case your are required to file the return of income under section 139(1),then it will attract a penalty of Rs. 5000/- if return is filed after last date stipulated by the said section i.e. 31.03.2011
2) In case you are not required to file the return under section 139(1) and you want to do so only voluntarily,then section 139(1) is not attracted and consequently Section 271F is also not attracted.
However,in both the cases the return can be filed till 31.03.2012 .In first case it will attract a penalty of Rs.5000/- and in the second case it will not.
Hope this clears the position.
Regards,