Itr for ay 2014-15

This query is : Resolved

yahya siddiqui (Querist)
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17 December 2015 Hello everyone, I want to file a non taxable return for AY 2014-15, should I go for it or not?? Is there any chance tht I will get a notice for late filing, nd penalty of Rs 5000 needs to be paid, if I file the return..... Please reply....

CA ANKIT GUPTA

CA ANKIT GUPTA (Expert)
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17 December 2015 You can file it till 31st march 16
Secondly , its wholly depend upon assessing officer to send notice or not ,
In my observation , I do not found any case of non taxable income receiving notice .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 December 2015 Since your return is non taxable no penalty will be levied. Submit return on or before 31.03.2016 as suggested by Ankit Ji.

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Ankur Singhal

Ankur Singhal (Expert)
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18 December 2015 Agree with the experts
NO penalty at all as its a nil tax return.
Go a head and file the return

ALOK GOEL

ALOK GOEL (Expert)
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18 December 2015 1. No penalty is called for in your case as neither U R saying taxable income nor you have crossed the time limit to file return for FY 14-15. by manual process .
2. You CAN check it again how it is not taxable considering YOUR all source of incomes in your name.
3. Check any TDS cut under your commercial /savings etc. activities in FY2014-15.
5. Check if any House rent income.
6. Check if you have given any gift amount to your friend or relative etc.
7. Any LTCG/STCG gain or mutual fund etc activity

If all above nil , then only you are relaxed for not filing tax untill now. Time is still left with you until 30.03.2016 to protect yourself but review on above items surely.

ALOK GOEL

ALOK GOEL (Expert)
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18 December 2015 1. No penality is called for your case as neither UR saying taxable nor you crossed tiem limit to file it by manual process now.
2. You check it again how it is not taxable considereing all source of incomes on your name.
3. Check any TDS cut under your commercial /savings etc. activities in 2014-15.
5. Check if any House rent income.
6. Check if you have given any gift amout to your friend or relative.
7. Any LTCG/STCG gain or mutual fund activity

Then only you are relaxed for not filing tax uptill now. Time is still left with you until 30.03.2016 to protect yourself after review on aove items.