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vipul Kumar Agarwal (ADVOCATE)     20 November 2011

DEAR SIR

                     YOR ARE NOT FILE ITR IN TIME SO  NO PENALTIES  BUT ONLY CHARGES OF INTEREST  ON TAX.

KARTIK (PROP.)     24 November 2011

If You have not filed your retun till the due date of filling return then there are no penalties till 31st march (Assessing year),


If you have not filled your Return after Assessment year has been complated you will get penalty of Rs. 5000/- as per section 271-F....is you are lianble to pay tax on your income. (NO penalty for zero tax liability)..

Example.

If you have income on which you are not liable to pay tax for A.Y - 2010-11, You can file till 31st march-2012, but if You have income on which you have to pay tax..so After 31st July-2010 You have to pay your tax with interest u/s-234-A, and if you fails to file your return after31st march-2011 then you are liable to penalty u/s. 271-F.

SUNNY GUPTA (ADVOCATE)     29 December 2011

IF THE RETURN IS NOT FILED WITHIN TIME THEN IT COULD BE FILED AS BELATED RETURN FOR PREVIOUS YEAR.

HOWEVER,

A) IF THE INCOME IS TAXABLE THEN INTEREST IS CHARGED ON THE TAX.

B) IF THE INCOME IS NOT TAXABLE THEN YOU CAN FILE THE BELATED RETURN.

Sadashiv Rupchand Gaikwad (Partner)     01 January 2012

Penalties is leviable if Gross total Income is more than taxable limit.


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