Venkatramana Shastry C (Student CA Final ) (90 Points)
27 July 2020Is it possible to file ITR u/s119(2)(b) by an individual for A.Y 2018-19(FY 2017-18) in July 2020 just to show incomes which are exempt from income tax ?If yes what reason one should give for not filing ITR within stipulated time of end of respective assessment year? Will there be any penalty?
sabyasachi mukherjee
(27413 Points)
Replied 28 July 2020
Venkatramana Shastry C
(Student CA Final )
(90 Points)
Replied 28 July 2020
The person has only exempt income u/s 10(10D) to show (though more than 2.5lakhs), and no other taxable income. So, how is it possible to levy interest under 234B,C?
jacinthamary
(accountant)
(874 Points)
Replied 28 July 2020
Venkatramana Shastry C
(Student CA Final )
(90 Points)
Replied 28 July 2020
| Originally posted by : jacinthamary | ||
 |
You can't file for AY 2018-19 unless you receive any notice from the dept. Even if you file returns now you have to paay late fee of ₹1000 u/s 234f |  |
The mentioned situation is under 119(2)(b) i.e after condonation of delay in filing of return by the A.O and no taxable income for such person in that year. So how 234F applicable?
jacinthamary
(accountant)
(874 Points)
Replied 28 July 2020
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