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Belated Return

CA. Nuba Subzwari (CHARTERED ACCOUNTANT) (501 Points)

06 August 2010

If one has not filed his ITR for AY 2009-10 yet & his tax is totally deducted by employer i.e. no tax is payable by him then what's the consequences..........

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5 Replies

CA.G.Muguntha Narayanan (Internal Auditor at TVS Motors) (2195 Points)
Replied 06 August 2010

Dear Nuba,

In such situations, penalty of Rs.5000 will have to be paid under sec271F

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RITESH KOTHARI (B.COM, FCA, DISA(ICAI)) (778 Points)
Replied 06 August 2010

Dear Narayanan,

Theoritically penalty has to be paid, but practically no penalty has to be paid as there is no loss to the revenue.

So Nuba, nothing to worry. File the return now till 31st March 2011.

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CA. Nuba Subzwari (CHARTERED ACCOUNTANT) (501 Points)
Replied 06 August 2010

Thanks Sir..........

1 more thing this is the case of belated return........n can A.O. on his discretion impose penalty?

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 06 August 2010

DEAR NUBA,

SEC 271F SPECIFIES THE PENALTY FOR DELAYED OR NON FILING OF RETURN WITHIN DUE DATE. AO MAY AT HIS DESCRITION MAY IMPOSE THE PENALTY, IT IS NOT MANDATORY ON PART OF AO TO IMPOSE PENALTY.

BUT AS RITESH SIR SAID, PRACTICALLY AO DOESN'T IMPOSE THE PENALTY AS THERE IS NO REVENUE LOSS TO DEPT.

I ALSO HAVEN'T COME ACROSS ANY PRACTICAL CASES IN MY ARTICLESHIP WHERE PENALTY HAS BEEN LEVIED FOR THE SIMILAR CASE U MENTIONED.

BUT IS IS ADVISABLE TO FILE RETURN ASAP.

REGARDS,

MANOJ

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CA Trinath Galla (student) (3130 Points)
Replied 07 August 2010

Originally posted by : RITESH KOTHARI
	Dear Narayanan, Theoritically penalty has to be paid, but practically no penalty has to be paid as there is no loss to the revenue. So Nuba, nothing to worry. File the return now till 31st March 2011.