Return filing

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Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2014 Dear Sir,
Can I file return for A.Y. 2013-14 now?

Please reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 August 2014 Yes you can file belated return u/s 139 (4) upto 31.03.2015 or date of assessment whichever is earlier subject to a maximum penalty of Rs 5000 u/s 271F. Levy of penalty is at the discretion of AO after giving assessee a reasonable opportunity of being heard. He may or may not impose the penalty. No need to pay penalty at the time of filing of return.

Rupesh Jain

Rupesh Jain (Expert)
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02 August 2014 you can file return till 31.3.2015. with any penalty after that if your income is excess of exempt limit then you have to pay penalty rs. 5000/-

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2014 It means that if I have income less than Rs. 200000, then I can file IT return without any penalty? Or I would have to incur the same at the discretion of AO?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 August 2014 If Income less than Rs 200000 then no penalty since you are not required to file return u/s 139 (1).

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2014 Is it mean that in any case I will not have to pay penalty?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 August 2014 Yes. Provided your income was below Rs 200000.

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