If my salary is taxable and my employer has deducted the tax payable on my salary as well in time (before the closure of the respective financial year) for Ass. year 2010-11 & 2011-12 but, i failed to file return before due date.
However, if I file my returns on 02 Aug 2011 for both years, then, will I have to pay any interest u/s 234 and penalty seperately..
31 July 2011
For 2010-11, yes you have to pay the interest separately for late filing of return. You have to also pay penalty of Rs. 5000 as your return is filed after 31/03/2011.
For AY 2011-12, you are under no obligation to file your return if your salary is below 5 lakhs and the employer has dedcuted TDS on the same.
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