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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2016 Sir,

I want file the income tax return last two financial year i.e. 2013-14, 2014-15. is it any penalty they will be charged . i have below taxable income i.e financial year 2013-14 Rs. 170000/- and financial year 2014-15 Rs. 191000/-.

Kindly solve my query

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
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21 May 2016 Although the Taxable Income is below the taxable limit ....For the Financial year 2013-14...Due date was 31-03-2016....
BUT for the financial year 2014-15...due date is 31-03-2017...U may file the return BELATED...
U may not revise the same later on...
Ok

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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21 May 2016 Agree with Naresh Sir's Reply, Just want to add that As per rule Income tax department may put penalty of Rs. 5000/- for belated return (But till did not see any case where they put the penalty)

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
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21 May 2016 The Income Tax Assesssing Officer MAY levy BUT give an opportunity to the assessee to reply...
If the BELATED return seems justified then the penalty will not be levied...
ok

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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21 May 2016 Yes, but if query is about penalty than as a expert we should tell about that also. and any penalty assessee always have opportunity to reply and if justified the point penalty will remove

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