LATE FILING OF RETURNS

This query is : Resolved

K G Ayyar (Querist)
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20 February 2011 Forgot to file return by July 31, 2010. Now trying to file online. The calculation Excel sheet calculating PENALTY and interest on PENALTY whereas there was no tax for my friend and mine is directly deducted from source and deposited with IT.

I had read that if return is filed late but within the A.Y. i.e. on or before 31032011 for financial year ended on 31032010, there is no penalty because tax is already deducted by orgn and paid to IT dept.

Need your guidance urgently.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 February 2011 Interest & penalty calculating for late filing.so excel sheet structured like that only

Guest

Guest (Expert)

20 February 2011 No penalty can be levied if return is filed before 31st March,2011.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 February 2011 On Late filing of Return, only interest has to be paid by the assessee.
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Assessee need not to pay any penalty Under the Income Tax Act unless it is imposed by an order of the jurisdictional A.O.
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In the calculation sheet whether you have taken credit for the TDS or not, please check.