Back Years I.T. Returns
This query is : Resolved
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.
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.
17 April 2009
I.T. Return can be filed only last two financial years even income is not taxable.
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/-.
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/-.
19 April 2009
Last 2 years
21 April 2009
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