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

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 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.

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?



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