Delayed filing of return !

Penalty for late filing of return is prescribed u/s 271F which is briefed here under

If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.

this penalty can be levied only if there is tax payable, as there is no tax payable in ur case u may not be levied this Penalty.

Penalty of Rs. 5000 will be imposed on this return. You will get the TDS Claim.

Penalty for failure to furnish return of income.

271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.

No penalty on return filing for the A.Y - 2011-12

Before March, 2013 You can file this return.

Regards,

RAJESH CHOUDHARY

In your case AY is 11-12 and end of AY is 31st March 2012.  So your normal allowed date for filing belated return is over.  Another check is do you have "tax payable", and you stated here that TDS deducted by the employer so you have "tax payable".  So the penalty may be imposed by the authority for nonfiling of return within due date for belated return but at the same time it again depends on the amount of salary you drawn that year.  If your salary is less than 5 lakh you need not file the return.  So if you file the return voluntarily and you are not under liability to file return there is no need to impose penalty in general view but imposing of penalty is depends on the discretion of AO as in a situation where the assessee is covered under the tax liability and at the same time he is exempted from filing of return, there is no clarification from the department on imposition of penalty.

Penalty of Rs. 5,000 is leviable.. but if you e-file the return there is a possibility that u wont get the notice to pay the demand.. 

I saw in most of cases where salary return is furnished after the date prescribed under section 139(4) then penalty of rs. 5000 not imposed to assess.

As per 139(4) of  Belated ROI can be filed upto 1 yr from the end of A.Y.
and as per sec 271F of Penalty for Late filing of ROI says,

AO may direct for Penalty to be levied if ROI is not filed upto end of the Relevant A.Y.

So in ur case Penatly can be Levied.......

 

NO PENALTY IN CASE NO TAX LIABILITY 

No penaly shall be imposed

Penalty can be levied on the discretion of the AO. The discretion in the act is provided to AO to justify according to the case. 

Originally posted by : Akanksha Jain
	Penalty of Rs. 5,000 is leviable.. but if you e-file the return there is a possibility that u wont get the notice to pay the demand..

There will be No Penalty on this dear.

Regards,

RAJESH CHOUDHARY