Filing of Tax Return

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LAKSHMI NARAYAN (Querist)
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02 August 2008 Hi All,
I forgot to file IT return by 31-Jul-2008. Can i file after 31-Jul-2008 if yes what is the procedure and what is consequences.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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02 August 2008 You can file. Balance of tax payable if any will attract interest.
If you file the return after 31st March 2009, but before 31st March 2010,you will be liable for penalty of Rs 5000 as well.
Even after 31st March 2010 if you don't file, depending upon the tax and interest payable, you may be prosecuted.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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02 August 2008 You may file ur return even after 31.07.2008 without any penalty upto 31.03.2009 but with interest payable u/s 234A @ 1% pm on the tax payable net of TDS or advance tax. Even the return can be filed after 31.03.2009 but upto 31.03.2010 but a penalty of Rs. 5,000/- may be levied besides interest as said above.

CA. Harinder Kumar

CA. Harinder Kumar (Expert)
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02 August 2008 it is rightly wirtten above about procedure if return is not file on 31st july

Advocate Vivek Kumar Sancheti

Advocate Vivek Kumar Sancheti (Expert)
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04 August 2008 Yes,you can file your Income Tax return after 31st july.The only cosequece will be that interest u/s 234A will be levied on the net amount of tax required to be paid in the assessment year.U/s 234A 1% p.m interest is levied.

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