11 February 2013
Hi, This is Lucky Maheshwari. I comes under the "Individual" category(salaried). I haven't filed any return till date, but my TDS was deducted in AY 2011-12 and I got the FORM 16 also from my employer{My Form 16 shows the refund of Rs. 490(approx.)}. Now I want to file my return for AY 2011-12 & 12-13(No TDS deducted in AY 12-13). So my questions are
1.) Can i file return for AY 2011-12, and if i can, than a.) Under which Section b.) will there be any penalty imposed on me.
2.) I did not file return for AY 2011-12 because at that time i heard that "Individual falling under below 5,00,000 income category may not need to file their ITR, provided if they have got the Form 16.
11 February 2013
You can file a belated return under section 139(4) before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
So you can file return for AY 2011-12 before 31.03.2013
11 February 2013
If you satisfy the following conditions than you need not file return for AY 2011-12
This exemption is available to Individual assessee only (He may be resident or not) Exemption is available for Assessment year 2011-12. >Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only. >Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- >He has Earned salary only from one employer during the year. >He has reported his income from saving Bank Interest to his employer for TDS deduction purposes. >Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer. >No refund is Due to assesse . >Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.
If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2010-11.
11 February 2013
@ CA SURAJ LAKHOTIA Dear Sir First let me thank you for clarifying my doubts. But now from your answer a new query is raising in my mind i.e. I did not declare my saving bank interest income to my employer, so my this income was not considered while deducting TDS, so if i file ITR for AY 2011-12 showing or not showing income from interest than will it attract any penalty or interest.
11 February 2013
As a professional, I would recommend you to declare interest income as well. Since you have refund of approx 490, there should not be much issue of tax liability.
11 February 2013
Section 271F prescribes penalty as under -
If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees
The words used are "may". Generally based on the merit of case, such penalty is not levied. And given the fact that the tax liability after including interest component would not be much, penalty may not be levied.
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