Ay 2014-15 return not yet filed

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Varun (Querist)
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28 March 2015 If a SALARIED INDIVIDUAL files his IT return for a.y. 2014-15 after 31st March, 2015 then what are the consequences?

Is there any specific procedure to be followed?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 March 2015 File the return of AY 2014-15 within 31.03.3015 to avoid penalty of Rs 5000/- u/s 271F. If return filed after 31.03.2015 AO may impose a penalty of Rs 5000/- u/s 271F. Rs 5000/- is maximum penalty which is at the discretion of AO after giving assessee an reasonable opportunity of being heard.

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