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Itr for ay 13-14

Aviral (finance) (77 Points)

24 March 2015

Should one file itr for ay 13-14 now, or leave it , becoz in both the case there shall be penalty of Rs 5000 for late filling What do u suggest ?

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8 Replies

Vineet Goyal (Assistant Manager - Finance & Accounts) (702 Points)
Replied 24 March 2015

Have your ever filed your returns online earlier? If yes. Then you should file this return as well otherwise you will received notice from CPC.

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J. K. Ratan (Compliance Advisor) (794 Points)
Replied 24 March 2015

Dear Sir

You could file you income Tax return for AY 2013-14 by 31st march 2015 without any penalty.

If there is tax payable in AY 2013-14, a simple interest will be charge on tax payable.

If you don't file the return on or before 31st march 2015 and department raise a notice for assessement than you liable to pay penalty 100% to 300% of tax evaded under section 271(1)(c) for concealment of Income.

Aviral (finance) (77 Points)
Replied 24 March 2015

@ vineet sir :- till date only return for Ay 14-15 is filled @ jay sir :- no tax is payable ,only salary income and tds also deducted , only concern is if i fill itr now for ay 13-14 then penalty of Rs 5000 (271F)

Vineet Goyal (Assistant Manager - Finance & Accounts) (702 Points)
Replied 24 March 2015

If your salary income and interest income does not exceed INR 5,00,000 and you have declared your interest income to employer, you need not to file ITR. This provision is applicable from AY 2012-13.