28 October 2009
I want to know that if a person Submit his ITR for Financial Year 2007-2008 at now,with the Taxable amount of Rs-9000/-,then at What rate interest will charged for delay in submitting the ITR or panelty.
28 October 2009
Since the taxable amount of Rs.9000 is below the basic exemption limit, (assuming total income as 9000), there will not be any interest since there is no tax laibility.
28 October 2009
Morover beside interest if you file return now, The ITO can issue you the notice u/s 271 F for levy of penalty of Rs. 5000 becuse last date for submission of return of income for the F.Y. 2007-08 with interest is up to 31.03.2009.
Would like to drraw Satpal's attention as the Return in question is for Financial Year 2007-08 i.e. AY 2008-09 and last date is one year from the end of A.Y i.e. 31.03.2010 or the assessment whichever is earlier.So no question of Penalty .
Sanjay you are takling about the belated return as per section 139(4) and i am talking about section 271F.
Section 271F daels with failure to furnish a return of income as required by section 139(1) before the end of the relevant assessment year.
As the due date for filing the return of income as per section 139(1) for the year 2007-08 is 31.07.2008 and th end date of releavnt assessment year is 31.03.2009.
CAclubindia
