Penalty for late filing of IT returns?

What will be the penalty for late filing of IT returns in below conditions.

1) last date for returns filing is over

2) paid the needed tax at TDS

Basically, he lost form16 and by the time he gets duplicate form16 time will be over.

Penalty for late filing of IT returns?amc theater

What is the last date according to you, which you are saying is over?

For Return for FY 2004-05, the due date is say - 31.7.2005.

If this date is lapsed, and if there is any tax liability, then there is penal interest u/s 234A, 234B, 234C.

The ultimate date to file the return with interest as mentioned above is 31.3.2006, by which if you do not file, the penalty is Rs.5000/-

Penalty for late filing of IT returns?concerts opera theaterHi Sanjay, I'm having same problem. Now I have got the duplicate Form16 notarized. Now what is the procedure to file returns using duplicate Form16? Report It |||Just go and check in the IT office.Where they can give u details about this.|||I will assume the following:

a) the FY in question is 2004-2005

b) You have salary slips with you.

You can still file the return for FY 2004-2005 till 31/3/2007 either with salary slips or with original form 16.

Since the date 31/3/2006 has already elapsed so your return shall be subject to penalty u/s 271F.

BUT PLEASE NOTE THIS PENALTY CAN STILL BE AVOIDED WITH PROPER PROFESSIONAL HELP!!

Deepak Bholusaria

Chartered Accountant

dkbholusaria@gmail.com

Penalty for late filing of IT returns?

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