01 October 2010
Hello! I have received the FORM 16A from the bank for the year 2009-10 and there is no other income. Please inform me whether i have to submit my return with ITR 1 or not. And is there any penalty as i have not submitted my return untill now?
01 October 2010
If your income is less than the prescribed limit which is exmpet to tax than you need not to file any return of income and no penal proveesions u/s 271f attracts. If you want to get refund than you may file return.