I just wanted to know about an issue relating to return filing. My friend had an income(receipt from contract wok) of Rs.65000 only for the AY 2009-10 and the payer has deucted tax of Rs.6500 on the payment. Since he doesnt have taxable income during the year, he can claim a refund. but he has not filed return yet. so the last date for filing return was 31.03.2011 (belated). So my question is can i file return after 31.03.2011 and calim refund for TDS? If yes how should i do that?
26 April 2011
You can file a belated return and calim TDS, however for filing a belated return the AO may levy a penalty of Rs 5000. The power of the AO to levy penalty is discreationary, not mandatory.
26 April 2011
Income tax return for the assessment year 2009-10 can't be filed voluntarily now, since barred by time. However, you may file a petition before the jurisdictional income tax commissioner under section 119(1) of the IT Act,1961 seeking to give a direction to the assessing officer to accept the said return of income. Upon receiving the direction, you may file the return and seek refund.
CAclubindia
