Nil return filling

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harsh jindal (Querist)
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02 November 2016 i have got registered company 4 years back but didn't do any work in that company, but this year i want to file IT retutns, so for how many years back nil IT return i can file in this year and what will the penality for late filling..or should i file retrun of this year and just forgot about previous year ...will there be any consequences?

Amol S Joglekar

Amol S Joglekar (Expert)
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02 November 2016 you can file for financial year 2014-15, 2015-16 before 31/03/2017

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harsh jindal

harsh jindal (Querist)
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02 November 2016 please resolve all my queries written above about penalty and if don't file previous return and file only current year return , what will be its consequences

Amol S Joglekar

Amol S Joglekar (Expert)
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03 November 2016 01. Since it is NIL return, you may elect to file the returns prospectively.
02. The provision of charging penalty for late filing of income tax return is a very time old provision. However, the trend indicates that the said provision of charging penalty is NEVER used sparingly by the department. You need to take a CALL accordingly. There is no any MODEL answer to your question so far as penalty is concerned.

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