Penalty on Late filing of Income tax returns

POSTED BY Ravi Chandra M ON December 11, 2013 9:06 pm ONE COMMENT

I write this w.ref. to your article here https://www.jagoinvestor.com/2010/01/how-to-miss-your-income-tax-returns-itr-deadline-and-still-enjoy.html

I missed out file returns for AY 12-13 and AY 13-14. In either cases I donot owe any tax. TDS has already happened for the earnings in that FY.

I reason I could not file taxes is because I went abroad to purse higher education. I have returned now and not only need my returns but also interested in keeping my profile clear w.r.to IT dept.

The big worry I have is about the penalty imposed for not filing on-time. Your post offered me a bit of relief however I have a clarification to seek.

In your post I see that fine imposed depends on assessing officer. I just wanted to know if there is a way we can directly interact with officer before he levies penalty in my case. I strongly feel the reason is very genuine in my case as I was abroad and could not file taxes.

Some of my friends are suggesting not to file as it can slap a fine of Rs.5000/-. What is JI recommendation?

Looking for your help.
Thanks

One reply on this article “Penalty on Late filing of Income tax returns”

  1. ashalanshu says:

    Dear Ravi, Relax. for genuine cases, there ‘ll not be a penalty. Please file your ITR now, with out worrying about any thing. I assume you are not claiming any loss in your unfiled ITRs as same can not be claimed or carried forward now?

    Thanks

    Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today