Individual to file Income Tax return before 31st Jul,2008, but we can file after that also but before 31.03.2009 subject to payment of 1% interest on tax laibilities if any, this is my understanding, but as i read in news paper that late filing of return will attract penalty Rs.5000/- and/or jail term also u/s 271F, is it true ? What will be consequences if return filed after 31.07.2008. Please give valued comments !!
2 Replies
Mahesh.k.
(Data Analyst )
(195 Points)
Replied 29 July 2008
| Originally posted by :suresh | ||
| " | Individual to file Income Tax return before 31st Jul,2008, but we can file after that also but before 31.03.2009 subject to payment of 1% interest on tax laibilities if any, this is my understanding, but as i read in news paper that late filing of return will attract penalty Rs.5000/- and/or jail term also u/s 271F, is it true ? What will be consequences if return filed after 31.07.2008. Please give valued comments !! | " |
It is for intentional default of tax payment , Those who have not filed with in 31st of this month will attracted by sec -271F , Your view is only in case of refilling of returns not for First Filling.....
sachin kumar gupta
(articled clerk)
(32 Points)
Replied 29 July 2008
Weather superannuation Fund Is exempt at the time of Voluntary Retirement ?
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