29 March 2016
I AM INDIVIDUAL. I HAVE BUSINESS OF AUTOMOBILE PARTS.I HAVE NOT FILE MY INCOME TAX RETURN FOR A/Y 2015-16 . CAN I FILL MY LAST YEAR RETURN IN THIS YEAR. WHAT ARE PENALITY AND HOW CAN I APPLY FOR THE FOR FILLING RETURN FOR ASSESMENT YEAR 2015-16? ALSO ADVICE IN WHICH ITR I HAVE TO FILL UP FORM.
30 March 2016
You can file belated return u/s 139(4) for the FY 2014-15 i.e., AY 2015-16 on or before 31.03.2016 without any penalty. Return for AY 2015-16 can also be filed u/s 139(4) upto 31.03.2017 but subject to a maximum penalty of Rs 5000/- u/s 271F.
31 March 2016
If your Income does not exceed Rs 5 Lakh and there is no refund then you can file the return in paper form. For details about return filing see the notification from link below:
31 March 2016
but sir i have paid the income tax Rs.263 in bank today. now what should i do ? plesase advice . one thing is that my sales in earlier A/Y 2014-15 is around Rs 9 lakh . and on that year i have paid tax Rs. 250 . if i will file return today in itr 4s then i have to show the turnover around 35 lakh to get my income taxables to Rs 263. what should do ? please advice sir?
01 April 2016
what is the tax liability for the sale of agricutural land in uttar pradesh? is this income is exempted in itr 4?If not then then where i have to fill this income(900000 lakh) in itr 4 and my total tax payable is 789 but net tax payable is zero still i paid 300.what should I do?
01 April 2016
First of all if you file return today then same will be subject to a maximum penalty of Rs 5000/- u/s 271F. Now you can file return upto 31.03.2017 but subject to penalty u/s 271F.
If you have paid excess tax then you can claim the same as refund by filing the return.
01 April 2016
Further regarding taxability of of Sale of Agricultural Land. Please refer section 2(14) definition of Capital Assets if it does not fall within the definition of Capital Assets then no tax will be levied.
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