late return

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john (Querist)
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10 January 2010 1st)Can i file F.Y.2006-2007 Return now
2nd)if F.Y.2007-08 Return is filed now than is there any additional penalty apart form interest.(three years back an ITO told me that there is a penalty of Rs.5000/-)

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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10 January 2010 FY 2006-07 you cant file now time has over for that, you can file FY 2007-08 within this march 2010...

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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10 January 2010 No penalty, only interest

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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10 January 2010 I think before march'10 you can file IT return of 06-07 if you have taxable income with penalty of Rs.5000/- and interest u/s 234A only if no advance tax rules applies otherwise 234B,C also applies.
and for 2007-08 you can file but b/f march 2010 with interest u/s 234A and about advance tax

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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10 January 2010 Income Tax Return for A.Y.2007-08 cannot be filed right now voluntarily by the assessee.

However; this can be filed if notice is issued by the department to file the return. In that case; penalty proceedings would also be initiated.

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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10 January 2010 we r talking about FY not AY sir..

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