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Interest & penalty

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 July 2011 Hi,

If I pay my tax & interest after 31st july then is there any penalty or when does the penalty of Rs. 5000 starts.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 July 2011 Presuming that the assessment yr is 2011-12, if return is not filed before 31/3/2012, penalty can be initiated.
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
31 July 2011 And this penalty is only in cases where the income is above the taxable limit. Otherwise no penalty even if you file the return after 31/03/2012.
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