Filing IT Return
This query is : Resolved
13 May 2008
If anybody is filing return for FY 2005-06, 2006-07 and 2007-08 for first time separately for every year and the first 2 Return is not taxable and for FY 2007-08 is taxable then Penalty of Rs 5000/- is payable or not?
13 May 2008
you can't file ITR for F.Y. 05-06 as last date for filing belated ITR for F.Y.05-06 was 31/03/2008.
no penalty will be levied for F.Y. 06-07 if income is below exemption limit, you can file ITR upto 31/03/09.
for F.Y. 07-08, no question of penalty as due date for filing ITR by individual is 31/07/08.
no penalty will be levied for F.Y. 06-07 if income is below exemption limit, you can file ITR upto 31/03/09.
for F.Y. 07-08, no question of penalty as due date for filing ITR by individual is 31/07/08.
14 May 2008
can you refer me section /circular or any article where this fact is mentioned. In the above case person is filing his return for time.
15 May 2008
pls see section 139(4) of income tax act
05 April 2012
Penalty for delayed filing of returns may be waived by the AO in case where no tax is payable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- REGARDING GST ON COMMERICIAL PROPERTY
- Form 26QB for TDS on property
- Residential status for filling income tax returns in India
- DTCP approval
- GST Annual Returns filing due date
- Whether still royalty
- BLOCKED-INELIGIBLE GST CREDIT
- Amendment of September 2021 Invoice
- What is paid meaning under form
- Consequences of short and excess provision of expenses
- Provision for income tax and adjustment entry
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
