Dear
Members
Mr x could not file ITR 1 for AY 13-14 .He is a psu employee .Can he file the ITR now? any consequences? his GTI was 600000 aprox.
Thanks
5 Replies
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 29 July 2014
It can be filed now. if exempt income of him is more than Rs 5,000/- than file ITR 2.
Late fee for filling is Rs 5,000/- but department hardly penalise Assessee.
Mouli
(Articleship)
(55 Points)
Replied 29 July 2014
Belated return can be filed at any time before the expiry of one year from the end of relevant assessment year. For consequences go to following link
https://www.simpletaxindia.net/2013/07/penalty-on-late-filing-of-income-tax.H T M L
S .Ghosh
(audit assistant)
(258 Points)
Replied 29 July 2014
Dear Mitesh
Exempt inome of more than 5000 -couldnt understand..Please do illustrate
Thank you
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 29 July 2014
If you have invested your money in Providend fund or Shares of Dividend and any interet or Dividend received from it is exempted u/s 10.
If total of all this is greater than Rs 5,000/- than you are required to file ITR 2
S .Ghosh
(audit assistant)
(258 Points)
Replied 29 July 2014
thank you . one more thing the employee got an exemption of Rs 9451 sec 10(14) for transport allowance ?it is to be considered in that 5000 exemption limit ??
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