Shrestha Jain (Chartered Accountant) (555 Points)
19 June 2010hello,
pls answer thisone-
Mr. X has not filed return of income for previous year 2008-2009
assesment year ends on31st march 2010.
now on 19 june 2010 he wants to file return .his income for py 08-09 was Rs.125000. pls tell whether the penalty of Rs.5000 will be levied or not. as his income is less than the minimum exemption slab.
Ashish Sharma
(Service)
(1028 Points)
Replied 19 June 2010
No penalty, Go for revised return it can be filed
CA Narendra Gupta
(CA )
(256 Points)
Replied 19 June 2010
Is there is any penalty if income of an assesse exceeds minimum exemption limit filled after due date of filling return?
Vikram Gagneja
(a/c)
(108 Points)
Replied 19 June 2010
i think he can not file return now because last date of filling of return is passed
if income tax department send a notice to assessee for filling of return then the assessee needs to file return of income. and if income tax department also imposed penalty upon assessee then assessee needs to pay the panelty
may be i m wrong
but i also want to know the right answer
Ashish Sharma
(Service)
(1028 Points)
Replied 19 June 2010
Hi Vikram,
he can file a revised return not original. you are right in respect of Original return.
for Narendra No penalty you have to deposit tax if any with the interest and file a revised return.
CA Vikrant Arora
(Practicing Chartered Accountant)
(67 Points)
Replied 19 June 2010
| Originally posted by : Nine | ||
 |
hello, pls answer thisone- Mr. X has not filed return of income for previous year 2008-2009 assesment year ends on31st march 2010. now on 19 june 2010 he wants to file return .his income for py 08-09 was Rs.125000. pls tell whether the penalty of Rs.5000 will be levied or not. as his income is less than the minimum exemption slab. |
 |
You can file the return before 31.03.2011 u/s 139(4) - Belated Return. However, penalty u/s 271F Rs. 5000 will be payable. Law imposes penalty u/s 271F on late filing of return u/s 139, not on criteria of Income.
For example, in Delhi, Dept won't acknowledge the return unless its been supported with a challan of Rs. 5000 for penalty alongwith return. However, in some small cities, Dept accept return & don't impose penalty. so in all, its a matter of risk of Rs. 5000 on filing the return.
And Mr. Ashish, don't know why you suggested the Revised return ? The Assesee has not filed the return at all, so how can it be revised ?????
Vikram Gagneja
(a/c)
(108 Points)
Replied 19 June 2010
Mr. Ashish assesee has not filled original return.
without original return how he can file revised return
tell me boss
Ashish Sharma
(Service)
(1028 Points)
Replied 19 June 2010
sorry boss i skip that word you are right
Vikram Gagneja
(a/c)
(108 Points)
Replied 19 June 2010
Mr. Ashish Sharma may i know what do u do?
boss tell me about ur work
may i know abt u
Shweta Garg
(CA FINAL Executive(Payables))
(147 Points)
Replied 19 June 2010
yes, this is right tht as per law he can not file original return now for the AY 09-10. but in practice, people face problems like this. here is the solution which has been followed by my CA Sir. he filed the return of the assessee even after the expiry of the AY, whose income is below minimum exemption limit, without any penalty. if dept raises in future, only thn pay it.
CA Narendra Gupta
(CA )
(256 Points)
Replied 19 June 2010
I agree with mr. Vikrant Arora that, original return can be filled till 2yrs from the date of the end of Previous year.
But mr. Vikrant Arora i want to know why is so unfair of imposing penalty in various cities as income Tax dept. is one for all Indians
Vikram Gagneja
(a/c)
(108 Points)
Replied 19 June 2010
mr. Narender according to my opinion the penalty in all cities is same
because income tax act is one for all. who tell u that penalty is vary from city to city
Ashish Sharma
(Service)
(1028 Points)
Replied 19 June 2010
Hi,
it is not vary from city to city only the mater of practice. as this penalty is discretionary not compulsory ITO can waive penalty if sufficient reason given. many things happens in practice.
CA Narendra Gupta
(CA )
(256 Points)
Replied 19 June 2010
I am sorry Mr. Vikram this was not for you . I just got confused in name of yours with mr . vikrant arora . this was for Vikrant .
CAclubindia
