Filing of returns

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M.Gomathi (Querist)
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28 September 2011 Can we file two years Income Tax Returns at a time? The assessee requires a bank loan. He is filing the Income Tax returns for the lending a loan purpose. Kindly explain in detail.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 September 2011 yes. you can file Income tax return for last 2 assessment years

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 September 2011 At present you can file return for AY 10-11 and AY 11-12.

However, if you file return for AY 10-11, penalty u/s 271F can be levied on the assessee, because return has been filed after the end of the AY, i.e., after 31.3.2011.

Further, return for AY 11-12 can be filed upto 31.3.2012 without any penalty.

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