Late filing Penalty

uttampune 1
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I have no tax due to the Government for FY 2010-2011 nor I am claiming a refund. However, 2 days back I filed my tax return for FY 2010-2011 in the ITR-1 for AY 2011-2012. For the above I have two questions;

1) Is it correct that I have filed the correct form ITR-1 for AY 2011-2012 if I am reporting my income for FY 2010-2011??

2) Secondly, since I am not owing any money and nor any tax was deducted from my salary income, is the government going to change me penalty for late filing? If so why and what amount is charged as a late filing penalty.

financial-year assessment-year last-date income-tax-return
1 Answers
  1. Assessment year is one year later to financial year. So for income earned in FY 2010-11 its assessment would only be done in next year i.e. 2011-12. So assessment year should be mentioned as 2011-12 in income tax return for earnings in FY 2010-11.
  2. In case income tax return is filed before last day of assessment year (31st March, 2012 in this case), there won't be any penalty for late filing.
Pankaj Batra5212

last day of filing income tax for individual is 15th march or 31st march?

prankur•

Last date of income tax return filing is 31st July.

Last date of advance tax deposit for last installment is 15th March.

Pankaj Batra•
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