20 February 2011
Forgot to file return by July 31, 2010. Now trying to file online. The calculation Excel sheet calculating PENALTY and interest on PENALTY whereas there was no tax for my friend and mine is directly deducted from source and deposited with IT.
I had read that if return is filed late but within the A.Y. i.e. on or before 31032011 for financial year ended on 31032010, there is no penalty because tax is already deducted by orgn and paid to IT dept.
20 February 2011
On Late filing of Return, only interest has to be paid by the assessee. * Assessee need not to pay any penalty Under the Income Tax Act unless it is imposed by an order of the jurisdictional A.O. * In the calculation sheet whether you have taken credit for the TDS or not, please check.
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