I want to know that
1) The last date of filing income tax return was 31-7-2007, but the person has not filed return. he has salary income and no tax liabilty. This return was for Assessment year 2007-08.
2) This year that above person has taxable salary but he has not filed his return yet. TDS was also not deducted. This return was for Assessment year 2008-09.
tell me that is there any fines and penalty for late filing of return?, provide answers for both case.
Due date for salary customers is 31.07.2008 , provided that such salary is taxable the person can file a return upto 31.03.2009 which will be termed as a belated return ,if tds is deducted then there will not be any interest to pay but if it is short deducted then return is to be filed with interest
If he has only income from salary and salary exceeds the taxable limit then TDS was deducted by the employer. So he did not need to pay income tax. If the assessee submit return after due date then only interest will added if there is any tax due,
But it does not looks in your case. So submit your return before 31.03.2009. After that penalty will be Rs. 5000.
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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