sir could pls anybody give the details if individual/Co return not filled on 31st July 2010 then what is interest rest and penalty for nil/tax return ???
28 July 2010
Dear Krishna, No interest and penalty for non filing of Income Tax return u/s139(1), since it is a nil return. You can file belated return later u/s 139(4). A person who has not furnished a return within the time allowed to him u/s.139(1) may furnish the return, at any time before the expiry of one year from the end of the relevant assessment year as per the provisions of S. 139(4) of the Act. Regards
28 July 2010
If tax amount is less then Rs.10000/- then no penalty. Otherwise Penalty of Rs.5000/- will be imposed u/s 271F. Interest u/s 234A will also be payable @1%. The new income tax excel software auto calculates TAX and interest figure. Just fill in details and click on calculate.
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