dear sir
I want to know that any provision of penalty if I will file my it return for the f.y. 2015-16 a.y. 2016-17 in current year
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penalty for filing income tax return
Replies (3)
no penalty but interest under 234 A would be applicable
but as in budget for 2015-16 provisions made so I want to know that
no need to pay penalty at the time of filing return but sole discretion of AO if you receive notice then reply accordingly if genuine there could be waiver but sole discretion of AO
but disadvantages may be loss of interest on refund belated return cannot be revised loss cannot be carried forward
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