Income tax return

If somebody not file his Income Tax Return for the financial year 2010-11 due to any reason.

  Can he file the his return now and how. 

Also please advice how to calculate interest under sectiion 234 A,B, C, if tax is payable.

Thanks and Regards,

NIKHIL

yes the assses can file belated return

agreee with above

Hello sir/madam,

Please anyone can tell me how I can do the GDC & A (Government Deploma in Co-operation & Accountancy)Pannel registration.

Please share your's comments asap.

Thx. in Advance,

Regards,

Manish Lingayat

9220842572.

Dear Nikil

Yes . you can file belated return with 1 % p.m Interest u/s 234A  up to 31.03.2012. if any have tax laibility made. other than no paid interest if no have tax laibility.

Thanks

Ramanuj

yes, assessee can file a belated return u/s 139(4) of the act. also he would be liable for the interest u/s 234A of the act. the calculation will be as follow:-

1% per month or part of the month from 31st march 2011 to till date and for this purpose interset is calculated on amoount of tax payable by the assessee

Note:- If there is no tax payable interest will be Nil. Also such belated return cannot be revised.

Regards,

CA Madhur

Mr Nikhil , you can file belated return u/s 139(4). 

After Filing the return you cannot revise the return u/s 139(5).

Suppose your tax liability is below Rs. 10,000 then Interest u/s 234B and 234C will not be applicable.

whereas interest u/s 234A will apply @ 1% on the amount payable from due date of iling of return if 31-07-2011 then from August 2011 till you file your return , if Jan 2012 then Aug to Jan 2012 6 Months.

And if Sept 2011 is due date then 4 Months.

Suppose your tax liability is above Rs. 10,000 then Interest u/s 234B and 234C will also be applicable.

Interest u/s 234A as above.

Interest u/s 234B @ 1% from April 2011 to Jan 2012 (if return filed in Jan 2012)

Interest u/s 234C would be as under:

Rate          Due on     Interest on Tax

30              15 Sept     Tax @ 30% @ 3%

60               15 Dec     Tax @ 60% @ 3%

100            15 Mar     Tax @ 100% @ 1%

Rate          Due on     Interest on Tax 

15              15 June     Tax @ 15% @ 3%

45             15 Sept     Tax @ 45% @ 3%

75               15 Dec     Tax @ 75% @ 3%

100            15 Mar     Tax @ 100% @ 1%

Hello Jignesh sir,

Please can you tell me how I can do the GDC & A (Government Deploma in Co-operation & Accountancy)Pannel registration.

Please share your's comments asap.

Thx. in Advance,

Regards,

Manish Lingayat

9220842572.

THANKS Mr Mehta for good information about u/s 234A, B & C .