Return for last two year
This query is : Resolved
19 November 2013
dear frds ....hai..to all ...I want to know ..if I file my income tax return to AY 2012-13 and 13-14 what will be penalty actually.. I have not so much taxable income... but I need ITR for last 2. year for visa purpose... pls help me out ...let me about penalties and penal interest.... and consequence also...thanks
19 November 2013
For A.Y. 2013-14, there is no question of any penalty, however you will be liable for interest u/s 234A. Further interest u/s 234B and 234C can also be levied, if your tax liability exceeds Rs.5,000.
For A.Y. 2012-2013, In addition to the above you may be liable to penalty of Rs.5,000. However penalty is not levied if there was bonafide reason for not filing the return before the end of Assessment year.
For A.Y. 2012-2013, In addition to the above you may be liable to penalty of Rs.5,000. However penalty is not levied if there was bonafide reason for not filing the return before the end of Assessment year.
19 November 2013
Dear author you can file belated return for A.Y.2013-14 there is no penalty applicable for you,,however if any tax payable you have to pay interest @1% p.m. u/s 234A,however 234B,234C also applicable if your net tax payable is more than 10000
.
.
if your taxable income is more than basic exemption limit A.O. may impose a penalty 5000 u/s 271F
..
you have to pay only as and when ao demands for it..you can file return as belated ...
.
.
if your taxable income is more than basic exemption limit A.O. may impose a penalty 5000 u/s 271F
..
you have to pay only as and when ao demands for it..you can file return as belated ...
19 November 2013
Sorry My mistake. The limit for payment of interest u/s 234B and 234C is Rs.10,000/-.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
