01 August 2014
Can ITR for assessment year 2013-14 be filed now? There is some refund due, but I forgot to efile my Return. Will there be any penalty for late filing?
01 August 2014
Penalty u / s 271F is at the discretion of AO after giving assessee a reasonable opportunity of being heard. He may or may not impose the penalty. Maximum penalty is Rs 5000/-. You dont need to pay penalty at the time of filing of return.