Late filing of Return
Soma
(Querist) 07 March 2011
This query is : Resolved
Since the last 9 year I am submitting IT Return though it is not mandatory for me and I always remain below the taxable income and my tax is always nill.
I filed the last return in Assessment year 2008-2009 online.
But I did not file return for Assessment year 2009-2010 and 2010-2011. During these period also my income is below taxable limit.
But Now I need last three years return for some other purpose.
My question is If I file now the return for Assessmetn year 2009-2010 online, whether any penalty will be imposed?
One of my friend told me that if I file online now for AY 2009-2010 the authority will impose penalty of 5000/--
Kindly advice.
sharven kumar
(Expert) 07 March 2011
Explanation3 to Section 271 of Income Tax Act incorporates provision of penalty in case of non compliance of furnishing a return for any assessment year.Powers under section 271 F to impose penalty are discretionary.Since in your case you are filing a return of income with nil tax and it is a genuine mistake.You should apply for condoning the delay and at the same time manually file your returns.Assessing Officer is likely to condone the delay.As per latest instructions wef A.Y 2012-13 in case of income less than five lacs there may not be a need to file return as form 16 is likely to be modified.
sharven kumar
(Expert) 07 March 2011
Explanation3 to Section 271 of Income Tax Act incorporates provision of penalty in case of non compliance of furnishing a return for any assessment year.Powers under section 271 F to impose penalty are discretionary.Since in your case you are filing a return of income with nil tax and it is a genuine mistake.You should apply for condoning the delay and at the same time manually file your returns.Assessing Officer is likely to condone the delay.As per latest instructions wef A.Y 2012-13 in case of income less than five lacs there may not be a need to file return as form 16 is likely to be modified.
www.zest4justice.com
sharven kumar
(Expert) 07 March 2011
Explanation3 to Section 271 of Income Tax Act incorporates provision of penalty in case of non compliance of furnishing a return for any assessment year.Powers under section 271 F to impose penalty are discretionary.Since in your case you are filing a return of income with nil tax and it is a genuine mistake.You should apply for condoning the delay and at the same time manually file your returns.Assessing Officer is likely to condone the delay.As per latest instructions wef A.Y 2012-13 in case of income less than five lacs there may not be a need to file return as form 16 is likely to be modified.
www.zest4justice.com
Surrender K Singal
(Expert) 09 March 2011
So long as your filing is simply voluntary and not required under law being below taxable limit, there could not be any cause for penalty whatsoever; So, don't get scared by such provisions (misread) and go ahead to file online (JAI SHREE RAM)for your OTHER purposes
