15 June 2009
dear sir i am a salaried person. still i have not filed my income tax return for F.Y.2007-08 (in which my net salary income is well below threshhold limt). (a) can i file that return alongwith return of current year, i.e., FY 2008-09 ? (b) will there be any penalty for late filing of return for FY 2007-08 ? regards and thanks in advance. anckoor
15 June 2009
a) A return can be filed within one year from the end of the relevant Assessment year. In your case for FY 2007-08 AY is 2008-09 and accordingly you can file the return within 31st March, 2010. b) The return can be filed alongwith the return for the FY 2008-09 but it is advisable to keep a difference of atleast six months between the date of the said two returns. You should file the ROI for FY 2008-09 before 31st July, 2009 if your income is above basic exemption limit. c) No penalty will be charged for late filing of Return of FY 2007-08 as your income was below basic exemption limit as resultantly no tax liable to be paid.
CAclubindia
