Late IT return in India?

Question

My company has already deducted TDS. I am a salaried employee, From last 4 mnths I am outside India, and 31st july is last date to file return, I dont have to claim anything jst need to fill return. I will be going back in October. Is it ok to fill late return? how much fine we have to pay for late return?

Answer 1

When you complete your tax return and if you do not owe any taxes, then you will not pay any penalty if you file your tax return late. However, if you file after March 31, 2009, then you will pay Rs. 5000.

If you owe taxes, then you will pay interest.

You can file your tax return online.

For information on your Income Tax return and to download the forms, go to http://mytaxes.in/index.php?topic=32.0.

If you want to file online, read http://mytaxes.in/index.php?topic=94.0

Answer 2

Penalty for failure to furnish return of income.

271F. 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.]

Interest for defaults in furnishing return of income.

234A. (1) Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of [one] per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,

(a)where the return is furnished after the due date, ending on the date of furnishing of the return; or

(b)where no return has been furnished, ending on the date of completion of the assessment under section 144,

92[on the amount of the tax on the total income as determined under sub-section (1) of section 143, and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of,

(i)advance tax, if any, paid;

(ii)any tax deducted or collected at source;

(iii)any relief of tax allowed under section 90 on account of tax paid in a country outside India;

(iv)any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;

(v)any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and

(vi)any tax credit allowed to be set off in accordance with the provisions of section 115JAA.]

Return of income.

139. [(1) Every person,

(a) being a company [or a firmj; or

(b) being a person other than a company [or a firmj, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed

(4) Any person who has not furnished a return within the time allowed

to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time 81 before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.]