Missed income tax return of last 4-5 yrs
This query is : Resolved
Chayan Agrawal
(Querist)
22 March 2014
Sir,
One of the Assessee in my office has not filled Income Tax Return for last 5 yrs . Last return Filled was for AY: 2006-07.
He want to Fill return for AY: 2012-13, 2013-14 before 31 March 2014.
Can he fill the Return for above period ?
If he fills, Is there any probability that he can attract Penalty in near future, for the period which he had not filled returns
One of the Assessee in my office has not filled Income Tax Return for last 5 yrs . Last return Filled was for AY: 2006-07.
He want to Fill return for AY: 2012-13, 2013-14 before 31 March 2014.
Can he fill the Return for above period ?
If he fills, Is there any probability that he can attract Penalty in near future, for the period which he had not filled returns
Nikhil Kaushik
(Expert)
22 March 2014
yes he can do for for AY 2012-13 and AY 2013-14. the last date for AY 2013-14 under 139(4) is 31 March 2015.
With regards to penalties while there wont be any penalty for AY 2013-14 if the return is filed on or before 31 March 2014.
However, for AY 2012-13, penalty under 271F and 276CC can be levied subject to safeguards provided therein.
With regards to penalties while there wont be any penalty for AY 2013-14 if the return is filed on or before 31 March 2014.
However, for AY 2012-13, penalty under 271F and 276CC can be levied subject to safeguards provided therein.
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