Assment yr 2011-12 itr filing

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THIRUSELVAN (Querist)

31 October 2013 can i file my income tax returns for the assessement year 2011-2012 now?what is the time limit for filing the same?can it be 'e filed?

CA Pallav Singhania

CA Pallav Singhania (Expert)

31 October 2013 No you can not file Income tax return for the A.Y 2011-12...
As the last date was 31.3.2013..

However,Delayed return be filed after a lapse subject to the discretionary power of the Commissioner of Income Tax under section 119 (2) of the Income Tax Act of 1961. The Commissioner of Income Tax could grant permission condoning the delay of filing the return and allow the refunds arising out of such return, strictly based on the merit of each case.

It may also be noted that if an assessee would like to file his return, without involving any refund – such returns could be filed for the purpose of record and NO RETURN COULD BE FILED INVOLVING REFFUND, without obtaining the permission from the Commissioner of Income Tax for condonation of delay.

Ajay Mishra

Ajay Mishra (Expert)

31 October 2013 Hi

"For the acessesment year 2011-12, an individual with a total income of up to Rs 10 lakh can file income tax return offline by March 31, 2014, and an individual having total income of more than Rs 10 lakh can file his/her return online by March 31, 2013,"

However, you should know the consequences of such late filing of return. First, you cannot revise your ITR. Second, you cannot carry forward losses. And third, you have to pay a penal interest of 1 per cent per month on your outstanding tax liability. Also, remember that you cannot file the ITR for the acessesment year 2011-12 beyond March 2013, even if you are willing to pay the penalty.

Ganeshbabu K

Ganeshbabu K (Expert)

31 October 2013 it is became belated and time limit to file return elapsed on 31.03.2013
..
however there is a time limit to deposit ITR-V till today if it is already filed and itr-V not deposited
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filing under 119(2) possible only in case of refund and loss returns...
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nil and tax payable cases cannot be filed

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