About back year return filling

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Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2015 i already filled ma income tax return of a.y.2014-15 on august-2014 now due to loan purpose want to file ma income tax return of a.y. 2013-14.... so does it preferable to do so? ... n if yes then what should i do.. plz suggest me

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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20 February 2015 You can file belated return for AY 2013-14 till March 2015.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 February 2015 yes u can file it till 31.3.2015 is the last date as belated return u/s 139(4)

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 February 2015 Also take note for Penalty u/s 271F.

If the belated return (For AY 2013-14) is filed on or before 31.03.2014 there will be no penalty. If return is filed between 01.04.2014 to 31.03.2015 then the penalty of Rs 5000/- may be imposed by AO u/s 271F. Rs 5000/- is the maximum penalty. Penalty may be imposed if the assessee was required to file return u/s 139(1), if the assessee was not required to filed the return u/s 139(1) but submits the return voluntarily then no penalty will be imposed by AO. Penalty can be imposed by AO after giving assessee a reasonable opportunity of being heard.

Section 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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