Can I get Tax deducted on salary for FY 2007-08 when I'm filing return of Income in Feb'2010.
Whether any penalty will b imposible u/s 271F for the same ?
9 Replies
CA Amit Kumar
(C.A., CWA Final)
(251 Points)
Replied 22 January 2010
Dear Harshit, i think u r talking about TDS,
u can claim the redund of Tax, further as per Sec 271F penalty shall be levied,
also interest u/s 234A shall be levied.
Bimal Thacker
(Proprietor)
(762 Points)
Replied 22 January 2010
Yes, you can claim TDS of FY 07-08 in filling return for AY 08-09 in Feb 2010.
Penalty of Rs. 5,000/= U/S 271F is applicable if the income (without claiming deduction U/S 10A,10B, 10BA, 80c to 80U) exceed the amount of exempted slab. However if the assessee proves that there was reasonable cause of failer then there is no penalty.
CA PALLAVI VOHRA
(Learner)
(140 Points)
Replied 23 January 2010
Hi Harshit,
You can get the benefit of TDS out of your tax liability for the same.But yes penalty u/s 271F will be applicable @ Rs. 5000/-. Further penalty u/s 234A will be applicable.
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 23 January 2010
ya agree u can get benefit of tds/
Sankar Ganesh
(CEO)
(89 Points)
Replied 29 January 2010
Yes agree
U can get TDS Benefit and at the same time Penalty U/s.271 and interest liability U/s.234 will be there.
Max Payne
(employed)
(2574 Points)
Replied 29 January 2010
Yes, u can get refund of the TDS.
271F penalty will be there but interest cannot be levied under 234A
since you will get credit for the TDS in computing the interest under 234A
Amir
(Learner)
(4016 Points)
Replied 29 January 2010
Dear Harshit,
Refund on belated treturn is allowed.
Last date of Filing return in ur case is 31.03.2010
AO may impose Penalty of Rs. 5,000/- u/s 271 F
Agree with friend G.K., since u r claiming refund Interest u/s 234 A will not be there.
C.Balaji
(Learner)
(1867 Points)
Replied 29 January 2010
Mr.Harshit
Belated return should be filed within one year from the end of relevant A.Y.
therefore in ur case for A.Y.08-09 - 31.03.2010......
Since u r claiming refund 234A interest won't be there.....
Penalty may be imposed as pointed out by Mr.Amir...
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