Itr 4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2012 one of my neighbour wants to file ITR 4 for the ay 11-12 now as is requird by the vendor of car co.for purchasing the car.
penalty u/s 271f for late filing the return wil b levied or not if i show income below exemptn limit??

auditor sekar

auditor sekar (Expert)
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03 September 2012 Penalty will not be levied,

If you pay a tax which is more the limit prescribed for payment of Advance Tax i.e. above 10000/= then Interest U/s 234 B,C will be levied

Otherwise 234A Interest for delay in payment of Tax that was due to the department will only be demanded by Department.

Proceed with the filing of RETURN.

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2012 thanks but sec 271F imposes penalty of rs5000 for failure to file return by the end of relevan ay...
thanks

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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02 August 2024 **Filing ITR-4 for AY 2011-12 Now: Key Considerations**

### **1. **Penalty under Section 271F**

**Section 271F** of the Income Tax Act imposes a penalty of ₹5,000 for failure to file a tax return by the due date. This penalty applies if you file your return after the due date, regardless of whether your income is below the exemption limit or not.

**In your case:**
- Since the assessment year (AY) in question is 2011-12, which is far past the due date, the penalty under Section 271F is applicable for late filing. The penalty is imposed regardless of whether the income is below the exemption limit.

### **2. Filing ITR-4 for AY 2011-12**

**If your neighbor wants to file ITR-4 for AY 2011-12:**

- **Late Filing:** They must file the return as a belated return. The income tax department may still assess and accept it but with the applicable penalty.
- **Income Below Exemption Limit:** If the income is below the exemption limit, they should still file the return. However, the penalty for late filing under Section 271F is still applicable.

### **Steps to File ITR-4 for AY 2011-12**

1. **Prepare the Return:** Fill out ITR-4 for the assessment year 2011-12 with accurate details of income and expenses.
2. **Calculate Penalty:** Be aware that a penalty under Section 271F for late filing will be imposed.
3. **E-filing or Manual Filing:** Since this is a very old assessment year, e-filing might not be possible. You may need to file the return manually at the local Income Tax office or through a tax professional.

### **Additional Considerations**

- **Interest on Tax:** If any tax was payable, interest under Section 234A/B/C might also apply for late payment or filing.
- **Request for Waiver:** In some cases, taxpayers can request the Income Tax Department for a waiver of the penalty, but this is rare and usually requires a valid reason.

### **Summary**

- **Penalty Applicability:** Section 271F's penalty for late filing is applicable even if the income is below the exemption limit.
- **Filing Requirement:** Filing the return is necessary, and the penalty for late filing must be considered.
- **Manual Filing:** For AY 2011-12, you might need to file manually due to the age of the return.

It’s advisable to consult with a tax professional for accurate guidance and to ensure compliance with current procedures.