iNCOME TAX REFUND FOR AY. 10-11

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2011 SIR,

I HAVE EARNED RS. 500000 DURING YEAR 09-10 FROM CONSULTATION FEES AND MADE EXPESES OF RS. 150000 APPX. ON SALARY TO STAFF AND OFFICE EXP. PAYER DEDUCTED RS. 50000 AS TDS.

I HAVE NOT FILED INCOME TAX RETURN TILL date.

NOW WANT TO FILE RETURN AND TAKE REFUND OF EXCESS TDS.

WHETHER I CAN FILE LATE RETURN AND TAKE REFUND.
WHETHER HAVE TO PAY ANY PENALTY OR INCOME TAX DEPARTMENT CAN IMPOSE ANY PENALTY ?

CA Navin Jain

CA Navin Jain (Expert)
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09 July 2011 YES, YOU CAN FILE THE RETURN UNDER SEC 139 (4) WITH THE PENALTY OF RS. 5000 UNDER SEC 271F

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2011 SIR,

WHETHER I HAVE TO PAY PENALTY MYSELF WITH RETURN OR WAIT FOR DEMAND BY AO.

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CA Navin Jain

CA Navin Jain (Expert)
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09 July 2011 YES, U CAN ALSO WAIT FOR THE DEMAND

ANOTHER THING IS IF YOUR RETURN IS PROCESS AND REFUND IS COME THEN A0 DEDUCT THE PENALTY FROM REFUND AND REFUND THE NET AMOUNT