Penalty on late filling ITR
This query is : Resolved
09 April 2008
An assessee wants to fill ITR for the financial year 2006-07 having Gross total income Rs 110000/- also having investment rs 15000 towards LIC premium. Can we fill now? Please suggest in which case penalty can be imposed on assessee because he is having taxable income and due date of return filling was 31th july 2007 for the relevant assessment year
09 April 2008
penalty u/s 271F can be imposed of Rs 5000 by A.O. but generally A.O.don't levy it.
09 April 2008
TILL 31ST MARCH 2008, BELATED RETURN CAN BE FILED WITHOUT PENALTY FOR FIANANCAIL YEAR 2006-07. NOW RETURN CAN BE FILED WITH PENATLY U/S 271F RS.5000/- ONLY.
09 April 2008
YES.AFTER 31 ST MARCH 2008, THE IT RETURN OF 06-07 FIN. YEAR CAN BE FILED WITH PENALTY .
BUT USUALLY NO INDIVIDUAL ASSESSEE ATTCHES PENALTY PAYMENT WITH BELATED RETURN.
SO ONE CAN FILE BELATED RERURN , AND THE ASSESSING OFFICER (IF AND WHEN ) ISSUES NOTICE FOR PENALTY , A SUITABLE EXPLANATORY STATEMENT IS GIVEN BY THE ASSESSEE AS TO WHY THE RERURN COULD NOT BE FILED IN TIME.
THEREAFTER THE REFUND PROCESS STARTS.
R.V.RAO
BUT USUALLY NO INDIVIDUAL ASSESSEE ATTCHES PENALTY PAYMENT WITH BELATED RETURN.
SO ONE CAN FILE BELATED RERURN , AND THE ASSESSING OFFICER (IF AND WHEN ) ISSUES NOTICE FOR PENALTY , A SUITABLE EXPLANATORY STATEMENT IS GIVEN BY THE ASSESSEE AS TO WHY THE RERURN COULD NOT BE FILED IN TIME.
THEREAFTER THE REFUND PROCESS STARTS.
R.V.RAO
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