Tax Return
This query is : Resolved
29 July 2008
Can an individual with "tax refund" file the return after due date i.e. 31st july? Would there be any fine for such?
30 July 2008
Yes, he can file belated return before expiry of 1 year from the end of relevent Assessment Year.The same due date is applicable in case of Refund claim.
Section 244: Interest @ 0.50% will be payable to you from end of Financial year till the date of payment.
Section 271F: Panalty of Rs 5000 has to pay in case return is file after End of Assessment Year.
Section 244: Interest @ 0.50% will be payable to you from end of Financial year till the date of payment.
Section 271F: Panalty of Rs 5000 has to pay in case return is file after End of Assessment Year.
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