Penalty

A.Y. 08-09 Return can be filed before 31.03.2010.

Belated Return should be filed within one year from the end of relevant A.Y.......

Why penalty???

Dear C Balaji

Even incase of belated return which is submitted after the end of assessment year, there is penalty U/S 271F

Mr.Bimal Thacker

is there any penalty for filing return as belated now???

Dear Balaji

as per  Section 271F  penalty is for failure to furnish return of income as required by section 139 BEFORE THE END OF RELLEVANT ASSESSMENT YEAR.

If his income is more then exempted limit (before exemption under section 10A, 10B,10BA,80C to 80U) then for A.Y. 2008-09 return filled after 31.3.2009 section 271F is applicable, however penalty is not leviable if the assessee proves that there was reasonable cause for failure.

However if you have any other clerification according to which no penalty then I would like to know.

Also think about consequences of belated return

Upto 31st march 2010 can file the FY 2007-08 without panalty.

 Sorry but i dont think so that there is no penalty. Of course there is a penalty of Rs.5,000 for the filing of return if  the return is exceed the exemption limit. but if the return is nil then it may be file without penalty or some little penalty amount.

Penalty u/s 271F(of Rs. 5000)will be levied for belated return for A.Y. 2008-09 if there was a obligation to file ITR (Income above the Exemption limit,,,or refund is claimed etc.)  ... But if assessee was not mandatorily required to file his ITR and still he files his ITR - NO penalty is there.

Agree with Bimal Thacker and CA. Rajesh Goyal.