Itr fy 2014-15

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2017 Hi Everyone,

My friend did not file his income tax return for the FY 2014-15. Now he wants to file it. Total tax liability is zero.

Please confirm if there is any penalty or interest which needs to pay before filling the return.

Thanks,

V kumar

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

23 January 2017 Penalty may charge upto Rs.5000 will be charged U/s 271F for belated return. Since tax liability nil no interest will be charged.

Anand

Anand (Expert)
Follow

23 January 2017 There is no penalty or interest to be charged BEFORE filing the return.
in the event a penalty is levied, you will be served with a order requiring you to pay the amount. This eventuality is very rare, more so in a case where there is no tax liability.

Upgrade to CAclubindia Pro. Subscribe Now!