22 June 2010
Sir, My query is whether i can file ITR for the last 3 years during the Current Ass. Year as i have not filed ITR during the respective A/Y's....... Thanks in anticipation of an early reply
22 June 2010
You can file return 2009-10 without any penalty. YOu can file return 2008-09, but AO Can impose penalty of Rs.5000/-. You can't file return of 2007-08.
22 June 2010
[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.]
For Financial year 2008-09, Assessment year 2009-10. End of the assessment year is 31st March 2010. Now read the section carefully. Penalty may be imposed by AO.
CAclubindia
