What will be penatly?

This query is : Resolved

LALIT SINGH BISHT (Querist)
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03 September 2013 dear sir,

if will send income tax return a.y.2012-13 ( itr -4 ) what will be the penalty and i will send itr-2 with non taxable return.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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03 September 2013 You need not to pay any penalty at the time of filing of return of income. If AO feels then he may levy penalty for late filing of return of income u/s 271 of Rs.5,000/- and issue demand notice for payment of such penalty then you have to pay penalty otherwise not required.

However in your case you not have any taxable income. I.e means you didn't have any tax payable or no any tax evasion so Penalty may not to impose for you.

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