It return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2013 If a Salaried Person miss deadline(i.e. 31st march of every year) for IT return for AY 2009-10,AY 2010-11 and AY 2011-12,than what will be Penalty and Interest amt of It?Reply ASAP

Thanks

Hitendra Jain

Hitendra Jain (Expert)
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07 September 2013 First a person is liable to file Income tax return only if he has income during relevant financial year which is more than exempted limit applicable on him for that financial year.

Second if Due date of return has lapsed then belated return can be filed within stipulated period or if a notice from IT department for filing return is received.

Stipulated time for belated return is one year from the end of assessment year.
In your Case for the A. Y. 09-10 31 March 2011, for A. Y. 10-11 31 March 2012 and for A Y 2011 - 12 31 March 2013.

After Due date return filing result in two drawback:
1) Such return can not be revise
2) Any claim of loss can not be carried forward.

For late filing of return interest u/s 234A @ 1% per month or part of month of tax payable is charged.
And
For a return which is filed after the end of relevant assessment year Penalty U/S 271F of Rs. 5000 can be charged.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 September 2013 Yes. now you cannot file the returns for assessment years till 2011-12 since time barred, unless the notice received from department

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Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2013 So i need to pay Rs 5000/- as penalty for each AY.

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2013 Actually my client has Form 16 for each AY and my client has not recd any notice and there is no tax liability because he is Salaried Person.So is he eligible for IT File for Each AY.and Shall i tell him to pay Rs 5000/- as penalty for Each AY?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 September 2013 Incase you have received the notice then need to pay the penalty and file the return. since the notice not received. you wait for the same

yes. incase notice comes every assessment year Rs.5000 penalty u/s.271F

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2013 So can i file return for AY-12-13 now?What will be interest and penalty if i file return within fews days by entering data from form 16?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 September 2013 you can file the return for ay-2012-13 as belated return. interest will be sec.234A/B/C based on your tax liability

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Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2013 it means my int will be calculated @ 1% from last date of filing i.e 31st july to actual date of filing.First i need to pay int and than file online?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 September 2013 Yes. Interest under section 234A will apply as per your mentioned calculation

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2013 But assume if Salaried person dont have any tax liability because TDS amt already deducted every month from their salary i.e. it is based on projection of salary.So how can i calculate Int Amt on tax liability of salaried person?In other words Form 16 shows Nil Tax liability.How to calculate Int Amt on Tax liability.Reply with An Example.

Thanks