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filing Income Tax return

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kuntal dave (Querist)
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25 November 2008 what are the implications in context of Income tax act provisions if a sole proprietor has not filed income tax return for past 4 years and now he wants to file his income tax return.He did not have taxable income during those years and a loss in 2 of those 4 years

Jitender

Jitender (Expert)
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25 November 2008 u can't file returns of all 4 years.
u can file return upto the end of one year from the assessment year.
non-filing of return attracts penalty of 5000 u/s 271 F.
however loss can't be carried forwrd if return is not filed on due date i.e 31st july/ 30 september (given in sec 139(1)).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 November 2008 1) two years loss could not be carried forward since return is not filed on due date.
2) rest of the two years return filing is not mandatory since he has no taxable income.
3)Now he can file the returns of assessment years 2007-08 and 2008-09 if he so wish.

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