03 August 2014
Additionally, You can file belated return u/s 139(4) upto 31.03.2015 without any penalty.
Belated Return can also be filed u/s 139(4) From 01.04.2015 to 31.03.2016 or completion of assessment whichever is earlier but subject to a Maximum penalty of Rs 5000/- u/s 271F.
Levy of penalty is at the discretion of AO after giving assessee a reasonable opportunity of being heard. He may or may not impose the penalty. No need to pay penalty at the time of filing of return.
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