Late filling of income tax returns.

Save Share

This query is : Resolved

Miloni Shukla (Querist)
Follow

21 August 2013 I want to file income tax return for A.Y. 11-12 and A.Y. 12-13 now. Can it be possible and if yes than what is the consequences? and it will file under sec 139(1) only? My income is of business income and income does not exceed the taxable limits.

CA UMESH DULAL

CA UMESH DULAL (Expert)
Follow

21 August 2013 AY 11-12 Not possible
AY 12-13 Possible with penalty of rs 5000
filled u/s 139(4)

CA UMESH DULAL

CA UMESH DULAL (Expert)
Follow

21 August 2013 if your income is below taxable limit, you need not file the return.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

21 August 2013 Agree with expert,

for A.Y. 2011-12 as it is time barred.
for A.Y. 2012-13 you can file u/s 139(4) as per advice with penalty if your taxable income is above limit and without penalty if your taxable income is below limit

Miloni Shukla

Miloni Shukla (Querist)
Follow

21 August 2013 Thnx everyone for your reply.

Miloni Shukla

Miloni Shukla (Querist)
Follow

21 August 2013 He need last three year returns for loan purpose so is there any other way?

CA UMESH DULAL

CA UMESH DULAL (Expert)
Follow

21 August 2013 no way other than illegal way

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now