Return filing for the financial year 2015-16 penlaty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2017 The income tax return for the financial year 2015-16 (relevant assessment year 2016-17) can be filed up to 31st march 2018. Is there any penalty provision is applicable, if return is not filed before 31st march 2017.

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)
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16 March 2017 As such there is no penalty other than mentioned in section 271F according to which income tax officer may levy penalty of Rs. 5000 but this penalty is not levied in all cases basically this is at discretion of A.O.
In addition if return is deposit after due date interest under section 234A which is @1% is levied

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2017 Thank you very much sir

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