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Penalty for belated ITR

Sivaguru SM (Tax Consultant) (235 Points)

25 December 2010

Hi everybody

My client filed ITR for AY: 2008-09 on 25th Jan 2010 and claimed refund. My question is how much penalty and interest impose by AO. Please let me know

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⁸⁰[Penalty for failure to furnish return of income.

271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]

INTEREST U/S. 234-A FOR LATE OR NON-FURNISHINGOF INCOME TAX RETURN

For defaults in furnishing Simple interest @ 1% for every Return of income month or Part thereof from the due date of filing of the Return to the date of furnishing of the return & in case return is not filed, it is upto the date of completion of assessment u/s 144. The interest is calculated on the amount of the tax on the total assessed income as determined under sub-section (1) of section 143 or on regular assessment u/s 143(3) as reduced by the Advance Tax, if any, paid and any tax deducted or collected at source.