I want file the income tax return last two financial year i.e. 2013-14, 2014-15. is it any penalty they will be charged . i have below taxable income i.e financial year 2013-14 Rs. 170000/- and financial year 2014-15 Rs. 191000/-.
21 May 2016
Although the Taxable Income is below the taxable limit ....For the Financial year 2013-14...Due date was 31-03-2016.... BUT for the financial year 2014-15...due date is 31-03-2017...U may file the return BELATED... U may not revise the same later on... Ok
21 May 2016
Agree with Naresh Sir's Reply, Just want to add that As per rule Income tax department may put penalty of Rs. 5000/- for belated return (But till did not see any case where they put the penalty)
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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21 May 2016
The Income Tax Assesssing Officer MAY levy BUT give an opportunity to the assessee to reply... If the BELATED return seems justified then the penalty will not be levied... ok
21 May 2016
Yes, but if query is about penalty than as a expert we should tell about that also. and any penalty assessee always have opportunity to reply and if justified the point penalty will remove
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