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

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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.