Income tax return for last year
sandeepverma (don't make exuse for study) (304 Points)
03 January 2012
3 Replies
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 03 January 2012
You are not required to pay interest u/s 234A and penalty u/s 271F if you file NIL return of income means tax payable on disclosed income nil....otherwise if you have taxable income than Interest u/s 234A 1% per month or part of the month and penalty u/s 271F Of Rs. 5000 shall be levied.
Provided Penalty may be condone by the Deptt...means penalty may be levied
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