29 July 2012
I am an NRI since July 2007. I have filed my Income tax Returns upto the FY 2006-07 Can I file returns for the FY 2007-08, FY 2008-09, FY 2009-10, FY 2010-11 and FY 2011-12 I have 1. Income from House property Rs 100000(Gross-not adjusted for any standard deduction) 2. Short Term capital Gain - around say Rs 40000 to Rs 60000 for each year mentioned above 3. Interest Income from Bank FD/SB (less than Rs 10000) 4. PPF Interest
Seek your guidance and expert opinion Thanks and best regards Sachin
30 July 2012
You can file returns only for FY 10-11 and FY 11-12. The time limit for filing returns for earlier periods has expired and therefore, cannot be filed.
Further, in respect of FY 10-11, penalty of Rs. 5,000 may be levied for late filing of return.