Belated reutrn

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Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 Dear All,

Can i file I.T Return for AY 11-12 and AY 12-13 now ? without paying any penalty?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 July 2013 For AY-2011-12 the time is over for filing belated return also. you can file for AY-12-13 as belated return, but subject to penalty may raise by the department

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 If Liability of AY 2011-12 is nil then department can raise penalty?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 July 2013 If your income not coming under tax, due to that reason your liability Nil. then no penalty will be come, but you are coming under tax, due to TDS and self assessment tax payment your liability Nil, means there is chance of demand of penalty. in simple words incase you are filing tax paid return also as belated penalty will apply

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2013 A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.

According to Section 271F it is at the dicretion of AO whether to impose the penalty or not irrespective of Tax Liability.