SAGAR (CA) (129 Points)
13 March 2010HELLO FRIENDS, MY SALARY FOR THE YEAR ENDED 31-03-2008 IS RS. 300000 AND I HAVE RECEIVED FORM NO. 16
TDS IS DEDUCTED BUT I HAVE NOT FILED MY RETURN
IF I FILE MY RETURN NOW
IS THERE WILL BE A PENALTY OF RS. 5000 OR NOT
PLS. HELP ME.
CAN I FILE OR NOT?
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 13 March 2010
As per Section 139(4) Belated Return in your case you can file return upto March 31, 2010. If you want to know about penalty then in Section 271F the penalty may be imposed upto Rs. 5000. So it is not necessary that it will be imposed. Moreover in your case if there is no other income then there will no tax liabilty as TDS will cover all your tax liability. And if there is no tax liability there should not be any penalty(according to me).
C.Balaji
(Learner)
(1867 Points)
Replied 13 March 2010
Dear Sagar........
Friend Shudhanshu is rite.........
It may be imposed by the A.O..........
But always file ur IT Return in time to avoid all these confusions...........
File the Return before 31.03.2010 - A.Y. 08-09....
shushantsinghal
(BCOM(HONS),C.A)
(283 Points)
Replied 13 March 2010
all depend upon A.O TO IMPOSE A PENALTY U/S 271 F.......SINCE IN UR CASE NO TAX LIABILITY.....SO MIGHT NOT BE IMPOSED..........
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