Filing of ITR with Tax Payable

This query is : Resolved

CA.Tarun Maheshwari (Querist)
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25 September 2009 Dear Experts

I want to know one thing that whether it is possible to file the Income tax return with tax still payable. Due to some contingencies, it is not possible to deposit some tax payables. So can we file the return? Whether it will be treated as valid return. If we deposit the tax later on, then How shall we have to communicate this thing to Income tax department because all the procedures are online now? Pls guide me how should I proceed in this matter? Thanks a lot in advance.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 September 2009 E-filing can be done with tax liability. Later pay with interest. But if the assessee do ,so penalty u/s 221(1) will attract.

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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25 September 2009 agree

Ratan Sharma

Ratan Sharma (Expert)
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25 September 2009 In my opinion if you have not paid the tax before filing return of income then your return will be treated as invalid return.
SELF ASSESSMENT tax has to be paid before filing of return of income. There is no provision in the Income Tax Act to give you the time limit for payment of self assessed tax.
Otherwise everybody will pay the Income Tax at a later stage as the interest rate payable to the Income Tax Department is lower than that of market rate.

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