02 August 2012
I have pan card last five years but not filed a return because of income less than basic exemption of individual but now i want to filed a NIL return (A/y 2011-12 & 2012-13) please suggest i can do so . Also guide me about any penalty or any charges levied of bleated return
03 August 2012
yes you can file and there will be no consequences for that since your return is a Nil return there will be no Interest for that and also no penalty and the belated return penalty can be initiated only at the discretion of Ao if he has reasons to believe that there is significant cause for such delay
05 August 2012
You can file return with NIL tax liability. No interest or penalty will attract. AO has no authority or discretion to initiate penalty for belated return having income below limit liable for minimum tax. Partly disagree with Mr. Sethia.
21 August 2012
Income is below exemption limit therefore is not under statutory obligation to file return u/s. 139(1). Under the facts there is default u/s. 271F attracting penalty.
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