BELATED RETURN

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  1. SHARMISHTHA TANNA

    SHARMISHTHA TANNA New Member

    A TRADER HAVE A TURNOVER RS. 7 LACS IN FY 2012-13. HE HAS NOT FURNISHED HIS RETURN AND WANT TO SUBMIT ON 30.3.15 HIS FY 2013-14 TURNOVER IS 4.50 LACS. IS ANY PENALTY WILL BE LEVIED BY IT DEPARTMENT ?
     
  2. rudrabose

    rudrabose Active Member

    Yes, he can submit a belated return.

    In case any tax is to be paid, interest would be levied for late payment of income tax.

    For late filing of the income tax return, no amount is to be paid right now. In case you receive a notice for late filing of return, then the penalty mentioned in the notice would be required to be paid.
     
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