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filing of ITR

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Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2010 MR.X IS HOLDING PAN BUT NEVER FILED HIS RETURN TO THE DEPARTMENT AS HIS INCOME IS BELOW TAXABLE LIMIT. NOW FOR THE PURPOSE OF HOUSING LOAN HE WANTS TO FILE ITR FOR THE FY-2006-07,2007-08 AND 2008-09. CAN HE DO SO? WHAT IS THE PENALTY OR INTEREST HE SHOULD HAVE TO PAY.

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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04 May 2010 latest he can file for F.Y.2008-09 with a penalty of Rs.5000/- not voluntary payment,on demand it is to be paid. for earlier years he can not filed its time barred case.

Amit Bajaj

Amit Bajaj (Expert)
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04 May 2010 Return for F.Y 2006-07, 2007-08 have become time barred and cannot be filed now. ITR for F.Y 2008-09 can be filed till 31st march 2011 u/s 139(4). If the gross total income is below the exempted limit then no penalty is leviable otherwise the penal provisions u/s 271F are attracted. Penalty u/s 271F is Rs 5000

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