07 August 2013
A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.
Say Return for AY 2013-14.
Due date is 05.08.2013. (30.09.2013 for Tax Audit cases & Companies) If belated return filed Till 31.03.2014 no penalty. After 31.03.2014 till 31.03.2015 penalty of Rs 5000/- may be imposed by AO u/s 271F.
07 August 2013
Thanks a lot sanjay sir and fin tushar sampat sir, but sampat sir i have a confusion when applicable this rule about incometax return filling. suppose for a.y 2013-2014, Due date - 05.08.2013 If i filled return after 06.08.2013 than will applicabale. sanjay sir plz Advice me. your mean before 31.03.2014 no panelty and no interest.
07 August 2013
oncedue date this time it was extended to 5.8.2013 is over and if return is not filed then from 6.8.13 int u/s 234A is applicable for the month or part thereof.
07 August 2013
Interest is different from penalty.
U/s 234A If the assessee has not filed his return of income within the time limit prescribed, he shall pay simple interest @ 1% for every month or part of a month. It is calculated from the due date to date of furnishing the return.
Penalty u/s 271F may be imposed by AO if return filed after the end of the relevant Assessment Year.
After 05.08.2013 Only interest.
After 31.03.2014 Interest + penalty of Rs 5000/- may be imposed by AO.
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