Itr 4
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 September 2012
one of my neighbour wants to file ITR 4 for the ay 11-12 now as is requird by the vendor of car co.for purchasing the car.
penalty u/s 271f for late filing the return wil b levied or not if i show income below exemptn limit??
penalty u/s 271f for late filing the return wil b levied or not if i show income below exemptn limit??
03 September 2012
Penalty will not be levied,
If you pay a tax which is more the limit prescribed for payment of Advance Tax i.e. above 10000/= then Interest U/s 234 B,C will be levied
Otherwise 234A Interest for delay in payment of Tax that was due to the department will only be demanded by Department.
Proceed with the filing of RETURN.
If you pay a tax which is more the limit prescribed for payment of Advance Tax i.e. above 10000/= then Interest U/s 234 B,C will be levied
Otherwise 234A Interest for delay in payment of Tax that was due to the department will only be demanded by Department.
Proceed with the filing of RETURN.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 September 2012
thanks but sec 271F imposes penalty of rs5000 for failure to file return by the end of relevan ay...
thanks
thanks
02 August 2024
**Filing ITR-4 for AY 2011-12 Now: Key Considerations**
### **1. **Penalty under Section 271F**
**Section 271F** of the Income Tax Act imposes a penalty of ₹5,000 for failure to file a tax return by the due date. This penalty applies if you file your return after the due date, regardless of whether your income is below the exemption limit or not.
**In your case:**
- Since the assessment year (AY) in question is 2011-12, which is far past the due date, the penalty under Section 271F is applicable for late filing. The penalty is imposed regardless of whether the income is below the exemption limit.
### **2. Filing ITR-4 for AY 2011-12**
**If your neighbor wants to file ITR-4 for AY 2011-12:**
- **Late Filing:** They must file the return as a belated return. The income tax department may still assess and accept it but with the applicable penalty.
- **Income Below Exemption Limit:** If the income is below the exemption limit, they should still file the return. However, the penalty for late filing under Section 271F is still applicable.
### **Steps to File ITR-4 for AY 2011-12**
1. **Prepare the Return:** Fill out ITR-4 for the assessment year 2011-12 with accurate details of income and expenses.
2. **Calculate Penalty:** Be aware that a penalty under Section 271F for late filing will be imposed.
3. **E-filing or Manual Filing:** Since this is a very old assessment year, e-filing might not be possible. You may need to file the return manually at the local Income Tax office or through a tax professional.
### **Additional Considerations**
- **Interest on Tax:** If any tax was payable, interest under Section 234A/B/C might also apply for late payment or filing.
- **Request for Waiver:** In some cases, taxpayers can request the Income Tax Department for a waiver of the penalty, but this is rare and usually requires a valid reason.
### **Summary**
- **Penalty Applicability:** Section 271F's penalty for late filing is applicable even if the income is below the exemption limit.
- **Filing Requirement:** Filing the return is necessary, and the penalty for late filing must be considered.
- **Manual Filing:** For AY 2011-12, you might need to file manually due to the age of the return.
It’s advisable to consult with a tax professional for accurate guidance and to ensure compliance with current procedures.
### **1. **Penalty under Section 271F**
**Section 271F** of the Income Tax Act imposes a penalty of ₹5,000 for failure to file a tax return by the due date. This penalty applies if you file your return after the due date, regardless of whether your income is below the exemption limit or not.
**In your case:**
- Since the assessment year (AY) in question is 2011-12, which is far past the due date, the penalty under Section 271F is applicable for late filing. The penalty is imposed regardless of whether the income is below the exemption limit.
### **2. Filing ITR-4 for AY 2011-12**
**If your neighbor wants to file ITR-4 for AY 2011-12:**
- **Late Filing:** They must file the return as a belated return. The income tax department may still assess and accept it but with the applicable penalty.
- **Income Below Exemption Limit:** If the income is below the exemption limit, they should still file the return. However, the penalty for late filing under Section 271F is still applicable.
### **Steps to File ITR-4 for AY 2011-12**
1. **Prepare the Return:** Fill out ITR-4 for the assessment year 2011-12 with accurate details of income and expenses.
2. **Calculate Penalty:** Be aware that a penalty under Section 271F for late filing will be imposed.
3. **E-filing or Manual Filing:** Since this is a very old assessment year, e-filing might not be possible. You may need to file the return manually at the local Income Tax office or through a tax professional.
### **Additional Considerations**
- **Interest on Tax:** If any tax was payable, interest under Section 234A/B/C might also apply for late payment or filing.
- **Request for Waiver:** In some cases, taxpayers can request the Income Tax Department for a waiver of the penalty, but this is rare and usually requires a valid reason.
### **Summary**
- **Penalty Applicability:** Section 271F's penalty for late filing is applicable even if the income is below the exemption limit.
- **Filing Requirement:** Filing the return is necessary, and the penalty for late filing must be considered.
- **Manual Filing:** For AY 2011-12, you might need to file manually due to the age of the return.
It’s advisable to consult with a tax professional for accurate guidance and to ensure compliance with current procedures.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
