Filing of income tax return

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KETAN N. SATHAWARA

KETAN N. SATHAWARA (Querist)
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18 October 2013 I wanted to file IT return for the A.Y. 2011-12, can i file the return or not.

Ganeshbabu K

Ganeshbabu K (Expert)
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19 October 2013 Not possible to file now as it is time barred
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Possible if you have refund in that assessment year,,even though it is possible it will be some complex process..
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refer Section 119(2)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 October 2013 As such the last date for filing belated tax return for AY 2011-12 has expired. However, you can still file the return if the AO agrees to issue order under 142(1).

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 October 2013 Ganeshbabu. I believe there is a serious need for simplification of 119(2) route. too many queries coming over way on this!!!

CA Pallav Singhania

CA Pallav Singhania (Expert)
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19 October 2013 Agree with Nikhil ji,

Tax rules permit assesses to file their returns pertaining to two preceding financial years, even after the expiry of the respective annual deadlines. "Tax-payers who haven't filed their tax return for the financial year 2012-13 can do so until March 31, 2014.

In fact, returns can be filed even till March 31, 2015. However, you will have to pay a penalty of up to Rs 5,000 if it is filed after March 31, 2014.

The I-T department charges a penal interest for every month of delay...

In your case if the assessing officer allows on the provided circumstances then you can do so...

CA Pallav Singhania

CA Pallav Singhania (Expert)
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19 October 2013 Tax rules permit assesses to file their returns pertaining to two preceding financial years, even after the expiry of the respective annual deadlines. "Tax-payers who haven't filed their tax return for the financial year 2012-13 can do so until March 31, 2014.

In fact, returns can be filed even till March 31, 2015. However, you will have to pay a penalty of up to Rs 5,000 if it is filed after March 31, 2014.

The I-T department charges a penal interest for every month of delay...

In your case if the assessing officer allows on the provided circumstances then you can do so...

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