Filing of returns
This query is : Resolved
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.
28 September 2011
yes. you can file Income tax return for last 2 assessment years
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.
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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