BELATED RETURN

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  1. MADHUSUDAB

    MADHUSUDAB New Member

    Dear sir,
    Let my gross total income: 320000
    deduction u/s 80c : 55000
    net taxable income 265000


    so now whether there is rs 5000 penalty if i file my return for AY 2015-16 after 31.03.2016.
    basically i have doubt about gross income / net income for penalty of rs 5000
     
  2. ZED

    ZED Well-Known Member

    "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."

    1.Penalty MAY be levied. It is not mandatory that penalty is to be levied.
    2. Penalty is levied after issuing the show cause notice for the same, you do not need to pay it by yourself. It has to be levied by the officer.
    3. Officer may decide to not to levy the penalty and for that he would consider your reasons for delaying the filing of return by the end of relevant assessment year. If reasons are genuine, then penaly might not be levied.
    4. More the delay, more the chances of levying the penalty.
     
  3. MADHUSUDAB

    MADHUSUDAB New Member

    Thank u so much sir.
    thank U so much sir
     
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