Is i am correct in my knowledge!!
This query is : Resolved
15 August 2012
In case someone had not filed his Income Tax Return for the financial year ended on 31st March, 2011 till 31st July, 2011, still the same can be filled upto 31st March, 2012.
However individual may be required to pay Interest at the rate of 1% p.m.
Further, in case someone have still missed to file your Income Tax Return by 31st March, 2012, he/she can still file the same till 31st March 2012, beyond which the return will become time barred and the person would not be able to file the same.
Assessing Officer may require to pay penalty up to Rs.10,000 for late filing of Income Tax Return.
However individual may be required to pay Interest at the rate of 1% p.m.
Further, in case someone have still missed to file your Income Tax Return by 31st March, 2012, he/she can still file the same till 31st March 2012, beyond which the return will become time barred and the person would not be able to file the same.
Assessing Officer may require to pay penalty up to Rs.10,000 for late filing of Income Tax Return.
16 August 2012
1. If the return is filed after the due date, interest will be levied only if there is tax payable.
If the tax has been paid BEFORE the due date of filing the return, interest wil NOT be levied.
2. Penalty u/s 271F for late filing is Rs. 5,000 and not Rs. 10,000.
If the tax has been paid BEFORE the due date of filing the return, interest wil NOT be levied.
2. Penalty u/s 271F for late filing is Rs. 5,000 and not Rs. 10,000.
16 August 2012
Let say:
If I file my return online on 18th Fab,2012 (Volentery after due date). My TDS deducted is more then My Tax Payble (refund Due) for Assessment Year 2011-12.
But my ITR-V was received by department after 120 days.
So, can I revise that return in Aug.2012 (Since period is already closed)and Does I have to pay any Penalty in that Case.
If I file my return online on 18th Fab,2012 (Volentery after due date). My TDS deducted is more then My Tax Payble (refund Due) for Assessment Year 2011-12.
But my ITR-V was received by department after 120 days.
So, can I revise that return in Aug.2012 (Since period is already closed)and Does I have to pay any Penalty in that Case.
16 August 2012
Return can be revised within the time limit of original return. Further Belated return can not be revised.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
