05 September 2012
Dear Sir, I have filed my Income Tax Return for the Assessment year 10-11 its 16/05/2011 for TDS claim and now Assessing officer Penalty imposed for Rs. 5000/- what will i do for that case.
06 September 2012
This is a case of late filing of IT Return very late after the end of the assessment year. That is, one can avoid penalty in late filing of return if he files returns within the end of relevant assessment year. SInce the return has been filed after the end of AY 10-11, the assessing officer is right in penalizing.
You may try to present your case before the AO that the late filing was due to unavoidable delay from your side. Even then the AO has the right to reject your request and penalize.
06 September 2012
If your return is non taxable, there is no penalty under section 271F. If you can put reasonable cause such as late receiving of TDS certificate then also no penalty will be imposed.
I disagree. Penalty is levied for filing the tax return after the end of assessment year AND has got nothing to do with whether the assessee has to pay tax or not.
May I request you to read carefully section 271F of the act which states - as required under sub-section (1) of Section 139. Section 139(1)(b) which interalia states - which is is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income tax. Therefore, if your personal return is non-taxable you can file the same at any time within the time prescribed under section 139(4) without attracting penalty.
Thanks for the suggestion. I agree that is what the section states.
But. did you check what the question is here?the assessee has filed the return ,which should have been filed in 10-11, in 11-12. Doesnt it means that the return wasnt filed within the prescribed time?
11 September 2012
It was not understood whether the return was taxable or non-taxable. If taxable and filed without reasonable cause, penalty may be leviable. If non-taxable no penalty will be leviable.
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