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IT Return for AY 2008-09

Naina (CA Student) (477 Points)

23 December 2009

If an assesse has not filed his/her return for A.Y. 2008-09 with in due tiem. Can she file return now. Will penalty for late filing be imposed if the gross income is below the taxable limts.

Please guide me.

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21 Replies

Ram Avtar Singh (Nagari Sultanpur U.P.Delhi) (14497 Points)
Replied 23 December 2009

Interest Calculated by IT Department for Late or Non-Furnishing of Return -

For defaults in furnishing Return of income - Simple interest @ 1.25% for every month orPart of a month from the due date of filing of the Return to the date of furnishing of the return. The interest is calculated on the amount of the tax on the total assessed income as determined under sub-section (1) of section 143 or on regular assessment u/ s 143(3) as reduced by the Advance Tax , if any, paid and any tax deducted or collected at source.

Tax payers, including individuals, may have to pay a penalty of Rs 5,000 if they do not file returns by the due date or by the end of the assessment year. If they do not file by either deadline they will be issued a notice by the department and non-compliance will mean additional penalties of Rs 10,000.

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CA Manasa (CA) (1479 Points)
Replied 23 December 2009

Yes the assesee can file the return of income now. As per Sec 234(a) if the assessee doenot furnish the income tax return with in the specified time limit then he needs to pay interest @ 1% for no of months of default.If there is no taxable income then interest is not attracted.

RD Verma (CA. Student) (314 Points)
Replied 23 December 2009

I agreed with Manasa......

If total income is not exceeding the taxable amount NO INTEREST will be CHARGE.

Naina (CA Student) (477 Points)
Replied 23 December 2009

But is it sure that penalty of Rs. 5000 will be charged for late filing, from the assessee, even if her income is below taxable limit.

Ram Avtar Singh (Nagari Sultanpur U.P.Delhi) (14497 Points)
Replied 23 December 2009

No. if Nil Tax no penality

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Shiv Kumar Goyal (CA ) (28 Points)
Replied 23 December 2009

Section 271F

PENALTY FOR FAILURE TO FURNISH RETURN OF INCOME.

If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139, fails to furnish such return before the end of the relevant assessment year, he shall be liable to pay, by way of penalty, a sum of one thousand rupees :

Provided that a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five hundred rupees.

Opinion-As per section 271F penalty can be imposed only if return is required under section 139(1). so if income is below the maximum limit of income tax than it is not necessary to file return, so u can file belated retun and no penalty will attract.

Vikram Gagneja (a/c) (108 Points)
Replied 23 December 2009

if his/her income is below exemption limit no penalty will be charged

the rule is that the assessee can file return of income before the end of 1 year from the A.Y. and before procedding taken by asessing officer

he'she can file return on or before 31.03.2010.

but if his/her income exeeds the exemtion limit he/she is liable for a penalty of rs.5000

Vikram Gagneja (a/c) (108 Points)
Replied 23 December 2009

if the assessee is liable for audit U/s 44AB then the penalty may exeeds Rs.5000.

it is on the opinion of assessing offcier

Vikram Gagneja (a/c) (108 Points)
Replied 23 December 2009

he/she can file return on or before 31.03.2010 with interest

if the interest is below Rs.5000 the interest U/s 234A will also be given with income tax

if the tax liablity exeeds rs.5000 the interest U/s 234B and 234C also will pay if any short fall on payment of advance tax and 234A will also apply if his/her liablity of tax has yet to be paid now

Vaishali Bopardikar (CA final passed) (109 Points)
Replied 23 December 2009

yes vikram is right.

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manish (Article Assitant) (358 Points)
Replied 23 December 2009

Penalty must be imposed on the filing of the return for the a.y 2008-09 of Rs. 5000. even if the income is below the taxable limit.

BIJAY KUMAR RUNGTA (CA FINAL STUDENT) (85 Points)
Replied 23 December 2009

RS.100000 OR 1% OF GROSS TURNOVER WILL BE THE PENALTY....................

karun (finance and taxation) (141 Points)
Replied 23 December 2009

if return is filed in response to notice U/s 142(1)(i) then no penalty will be levied. otherwise the penalty provisions are there in all the cases below taxable or taxable as per section 271F of IT Act 1961.