Filing of Return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2011 I had not filed my return for FY ended 31st March 2010. I have paid more tax than required and tax is refundable to me as per form 16 issued by my employer.

Pls advise if I can file return now. Will there be any penalty for not filing return in time.

Thanks

Kumar Babu.G

Kumar Babu.G (Expert)
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07 February 2011 You can file belated return.Time for filing belated return is one year from the end of assessment year relating to a financial year.Since no tax is payable interest u/s 234A is nil.But as per Section 271F: If a person who is required to furnish a Return of Income (ROI) as per section 139(1), fails to furnish such ROI by the end of the relevant Assessment Year, then such person will be levied a penalty of Rs. 5,000/-.

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2011 Sir,

it means if I file by 31st March 2011 for AY 2010-2011 I will not be levying penalty ?

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Guest

Guest (Expert)

07 February 2011 Yes, no penalty till 31.03.2011