Late filing of tax returns

Tax queries 2135 views 19 replies
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worker
24 Points Joined August 2011

Hello,
I am salaried person.
In FY 2010-11, I changed my job & hence have 2 form 16
I submitted my tax details to a CA. He calculated my tax & asked to pay Rs. 15000 online using chalan 280 
I did that & gave him chalan details but he did not file my tax return before 31-July-2011

Now he is ready to do it.
I would like to know
what would be penalty amount ?
he is asking to fill ITR2 instead of ITR1 even though i have only single house property & absolutely no income from any other source than salary
Should i submit ITR1 instead of 2?

Guidance is appreciated. 
Thanks
Amit

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On 07 August 2011 at 00:16 Report
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Software Engineer
113 Points Joined October 2010
https://www.raagvamdatt.com/Missed-the-income-tax-return-ITR-filing-deadline-of-31st-July/153/
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On 07 August 2011 at 01:43
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Chartered Accountant
239 Points Joined May 2009
AS you have paid the tax amount already, there will not be any penalty or interest.
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On 07 August 2011 at 08:00
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PROFESSIONAL SERVICES
207 Points Joined October 2008
There is no harm if use any itr1 or itr 2 form be relaxed!
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On 07 August 2011 at 09:15
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B.Com CA Final CS
5270 Points Joined September 2009

nothing to worryy.. there is no harm in filing ITR 1 ... and there is no penalty.... :-)

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On 07 August 2011 at 15:48
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Article
981 Points Joined September 2009
Originally posted by : pramod pandit
There is no harm if use any itr1 or itr 2 form
be relaxed!
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On 07 August 2011 at 17:34
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Chartered Accountant B.Com(H)
453 Points Joined April 2009

Yes you are not required to fill ITR2, but it is okay if you have done it . Further since you failed to have file your return in time you are required to pay interest under section 234A on the self assessment tax i.e.15000.

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On 07 August 2011 at 20:28
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Sr Executive Finance
845 Points Joined March 2008
1.No penalty and No Interest as tax has already been paid.. 2. Since ITR-1 can be filed only in case of Salary from ONE Employer and you received Salary from Two Employers....the ITR-2 shall be filed.
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On 08 August 2011 at 06:26
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Sr Executive Finance
845 Points Joined March 2008
However, date of payment of Tax may impose a little interest u/s 234A/B/C
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On 08 August 2011 at 06:28
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CA STUDENT
73 Points Joined June 2011

There is no penalty as such for this fault ,absolutely no penalty .

"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

End of relevant assessment year ,as for previous year 2010-11, assessment year is 2011-12 and its end on 31.03.2012 ,means there is no liability for late filing of income tax return up to 31.03.2012 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

 
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On 08 August 2011 at 11:08
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Senior Consultant
34 Points Joined June 2008

Its ok to file return in ITR2 also but  section 234A is application and what ever small amount of interest required to be paid

Charanjit 

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On 08 August 2011 at 11:18
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Wealth Manager
5293 Points Joined December 2008

File u/s 139 (4)

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On 08 August 2011 at 11:23
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CHARTERED ACCOUNTANT
28 Points Joined July 2011

Nothing to worry whether to file ITR-I OR ITR-2. Regarding late filing of Return and self assessment tax paid within the due date no interest charged u/s 234A/B/C. however penalty may be levied u/s 271F  Rs.5,000/-

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On 08 August 2011 at 12:33
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Fresher
43 Points Joined May 2009

Deae Sir,


do'nt worry ...Interest would not be payable in case where tax amount hasbeen deposited prior to due date of filing of ITr ,even if return of Income is filed after due date of furnishing  Return.


-CIT vs. Prannoy Roy(2009)179 Taxmann53(SC)

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On 08 August 2011 at 18:37
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Chartered Accountant B.Com(H)
453 Points Joined April 2009
Originally posted by : Ruchi Saini


Deae Sir,


do'nt worry ...Interest would not be payable in case where tax amount hasbeen deposited prior to due date of filing of ITr ,even if return of Income is filed after due date of furnishing  Return.


-CIT vs. Prannoy Roy(2009)179 Taxmann53(SC)

 

 

okay . i was not aware that sc has upheld the HC judgment (2002). thanks for updating .
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On 08 August 2011 at 18:56


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