RAJ KUMAR (FINANCE MANAGER) (1393 Points)
29 March 2012HELLO FRIENDS, MY CLIENT HAS AN ANNUAL INCOME OF RS. 2,00,000 FOR AY 2011-12. BUT HIS SAVINGS ARE RS. 50,000. THEREFOR NO TAX LIABLITY ON HIM.
I WANT TO ASK IN THAT CASE HE CAN FILE RETURN EVEN AFTER 31-03-2012 ALSO.
CAN AO ISSUE NOTICE OF RS. 5,000 PENALTY IN THIS CASE ALSO.
PLS. HELP ME.
THANKS.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 29 March 2012
As per the I-T Act, if an assessee's income exceeds the maximum exemption limit not chargeable to tax without giving the effect of the deductions under chapter Vi-A, then he is mandatorily requried to file the return of income on or before the due date. So he will be requried to file retunr on or before 31st Mar,2012. In your clients case his income is exceeding R.s 1.60lacs for A.Y.11-12 without giving the effect of deductions under Chapter Vi-A
the AO may issue an notice to your client.
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