Income tax return

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Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2012 I want to know that, can anybody file income tax return for tds refund ( tds deducted by employer but I-tax is nil) after 2 years from date of return file for that year?

Please tell me that Also he can take all benefits of deduction u/s 80 C to 80 U. Is there any penalty or interest for late filing IT - return?

If yes, please provide me detail clarification for all my questions

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 August 2012 Return for a particular year can be filed upto one year from the end of the assessment year.

For instance, return for FY 10-11 can be filed upto 31.03.2013.

srinath

srinath (Expert)
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08 August 2012 Maximum time available for filing the return is one year from the end of the relavant AY.

say for eg for the year 2010-11, the due date for filing the ROI (for individual) was 30.07.2011.

However, u ve time to file till 31.03.2013.

So based on this you can calculate the availability of time for you

Guest

Guest (Expert)

08 August 2012 It is true that ITR for 2010-2011 can be filed till 31.03.2013 but after 31.03.2012 penalty of 5000/- will also be applicable.

Section 271 F

If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees

Guest

Guest (Expert)

08 August 2012 assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

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