Back Years I.T. Returns

This query is : Resolved

AMIT KUMAR (Querist)
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17 April 2009 Sir,
How many back years I. T. Returns can be Filed by the assessee, if his net income is not taxable. And other side if income is taxable what are the penalties in Income Tax.

Deepak Goel

Deepak Goel (Expert)
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17 April 2009 I.T. Return can be filed only last two financial years even income is not taxable.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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18 April 2009 Whether the income is taxable or not, I.T. return can be filed for income of last two financial years only.
However, where income is taxable and return is filed after end of assessment year, The assessee will be liable for Penalty of Rs. 5000/-. E.g. If ITR for taxable income of financial year 2007-08 is filed on 16.04.2009, the assessee will be liable for penalty of Rs. 5000/-.