Income tax return

This query is : Resolved

Ashok Kumar Rai (Querist)
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08 June 2012 If any Individual has an income of Rs. 2,40,000.00 ( Two lac fourty thousand
only )
After deducting E.P.F., LIC premium, Mediclaim etc . His Income Stands Rs.1,70,000.00

Is Income Tax Return Compulsory

School Fees of own son can be deducted from income if yes, then under which Head

Janak

Janak (Expert)
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08 June 2012 Filing of Return of income is compulsory is total income before claiming deduction under section 10A, 10B.....80C to 80U...exceeds basic exemption limit.

In your case total income before claiming deduction u/s 80C and 80D exceeds basic exemption limit (individual being aged less than 65)

hence filing of return of income is obligatory.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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08 June 2012 Yes Filling Of Return is obligatory

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Guest

Guest (Expert)

08 June 2012 Agree with the experts

Message likes : 1 times

Ashok Kumar Rai

Ashok Kumar Rai (Querist)
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11 June 2012 What is the last date of filling return by Individual having salary Income for the F.Y. 2011 - 12

If there is delay in filling wht is the penality.

If want to filling the return what have to do

Ashok Kumar Rai

Ashok Kumar Rai (Querist)
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11 June 2012 What is the last date of filling return by Individual having salary Income for the F.Y. 2011 - 12

If there is delay in filling wht is the penality etc.

Guest

Guest (Expert)

11 June 2012 The due dates for filing Income-tax returns for the F.Y.2011-12 is In case of assessees not covered by Audit - 31st July 2012

PENALTY :

There is no penalty on late filing of return as such. Specific penalty for late filing of return is prescribed u/s 271F which is :
"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year (in your case 31.03.2013) ,the assessing officer may impose a penalty of Rs 5000/-"

there is no liability for late filing of income tax return up to 31.03.2013 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

LIABLE TO PAY INTEREST FOR LATE FILING OF RETURN :

If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return u/s 234A: