18 April 2016
Can a Salary Person who has 8 lacs Salary Income and Tds deducted by Employer in A.Y.-2015-16. can submit Return A.Y-2015-16.will it not attract Rs. 5000/- penalty for non submission of IT Return within 31.03.2016? Because It is taxable file though TDS has been deducted but Return must be submitted witin 31.03.2016.Plese reply anyone
19 April 2016
As per Section 139(4) of IT Act, 1961, you can file your return upto 31.3.2017 with penalty of Rs. 5000/-. At the time of filling you won't be required to pay this Rs. 5000 as penalty for late filling of income tax return. However in case you receive a notice from income tax officer, you would be required to pay Rs. 5000/- for late filling of return. However income tax officer can waive this penalty in case of any genuine reason showed for late filling of return.
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