Is there any circular that if a person does not file the IT return for the current assessment year then he has to pay fine Rs.5000.Actually I had filed my last return for the assessment year 08-09 ie for the financial year 2007-08 .Now I want to file for FY 08-09 so is there any problem to file it to the department.
24 March 2011
If you do not file the return within the assessment year than the department may impose a penalty of up to Rs 5000. This amount is not payable at the time of filing the return. The department may or may not impose this penalty in future.
As regards return for FY 08-09, your time is fast running out as 31st March, 2011 is the last date after which you will not be able to file return for that year.
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