Monday, March 31, 2014

Income Tax :- Last date for filing of Income Tax Return 31.03.2014

Friends     In case you have not filed your Income Tax Return you may file your Income Tax Return for the Assessment Year 2013-14 on today, i.e. 31-03-2014.  Nationalised  banks were also open on Sunday to collect he income tax  in the interest of Assessee.  After that taxable return will be submitted on deposit of Penalty of Rs. 5000.00.   This penalty will be charged under section 271F which detail is given as under :- 

7[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.]

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