Penalty for Late filing of ITR

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2010 Please advise on penalty for late filing of ITR of AY 2009-10 for salaried Individual in AY 2010-11.

Also since Last date of filing the ITR for AY 2010-11 was extended till 4th August 2010, in that If we file ITR for AY 2010-11 on sept 4th, then shall I need to pay penalty for 2 months or 1 months.

SANJAY TALATI

SANJAY TALATI (Expert)
Follow

02 September 2010 As per Sec. 271F , a fixed penalty of Rs. 5000/- can be imposed by the Assessing Officer, if the assessee does not furnish the Income Tax Return u/s 139(1) before the end of the relevant Assessment Year.

Hence, no penalty is attracted in case the IT return for PY 2009-10(AY 2010-11) is filed on or before 31/03/2011.

For the IT return of PY 2008-09(AY 2009-10), the belated return u/s 139(4)can be filed at any time before the expiry of one year from the end of the relevant AY or before the completion of the assessment , whichever is earlier. That means belated return an be filed on or before 31/03/2011. However, the penalty as per Sec. 271 F may be imposed by AO if the IT return is filed after 31/3/2010

BALASUBRAMANYA B N

BALASUBRAMANYA B N

(Expert)
Follow

02 September 2010 you can file the return upto 2 years that means FY 2008-09 can be filed upto march 2011. only you have to add interest if any tax liability is there, if not then you file return as it is upto march 2011..

Upgrade to CAclubindia Pro. Subscribe Now!

NITIN SHARMA

NITIN SHARMA (Expert)
Follow

05 September 2010 As per provisions of sec 271F penalty of Rs.5000/ can be imposed if assessee did not file his return within due date or before the end of relevant assessment year. If you filed your return after due date but before the end of relavant assessment year and do not received any show cause notic for late fileing from department then no penalty can be levied u/s 271f.