Nil return interest
Vishal Jain (2 Points)
29 July 2017
Is interest levied on late filing of Nil Return for individuals?
Vishal Jain (2 Points)
29 July 2017
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 29 July 2017
CRUX :: NO TAX UNPAID SO NO INTEREST WILL BE LEVIED ON LATE FILLING OF NIL RETURN
If there are any taxes which are unpaid, penal interest @ 1% per month or part thereof will be charged till the date of payment of taxes .Also Penalty of Rs 5,000 may be charged. The penalty is not levied in all cases and depends upon the circumstances of the case.
For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5Lakhs.
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