Income tax return

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rahul (Querist)
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03 October 2013 dear all...I have a question... I want to file my income tax returns for the AY 2012-13 and 2013-14 ...what will be consequence for late return specially 2012-13 ...pls revert me...thanks ...

CA Vijeta Verma

CA Vijeta Verma (Expert)
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03 October 2013 interest under section 234A for not filing return
Penalty under section 271F for not furnishing return.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 October 2013 please file at the earliest to minimize 234A interest. interest under 234B and 234C shall depend on tax liability.

Penalty under 271F is not compulsory. AO will give you the opportunity to explain reasons for non-filing of return. In case you are able to satisfy AO with your explanation, the penalty may not be levied.

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