Non filing of IT Returns for consecutive 3 yrs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2010
Sir/Madam
I have a client who has a business in his individual capacity.
He has not submitted any IT return for last 3
financial years i.e 2007-08, 2008-09, 2009-10.
He is not liable for Tax Audit for any of the said years neither before that.
What all consequences he will have to suffer now?
and what are the ways out for the same?
I have a client who has a business in his individual capacity.
He has not submitted any IT return for last 3
financial years i.e 2007-08, 2008-09, 2009-10.
He is not liable for Tax Audit for any of the said years neither before that.
What all consequences he will have to suffer now?
and what are the ways out for the same?
13 August 2010
U can still file now for F. Y. 2008 - 09 & F. Y. 2009 - 10. So only one year will be missed out.
File ereturn for both the years.
Also tell him to atleast pay taxes for F. Y. 2007 - 08 if due but not file the return as the same is time barred. If any notice will be received from the department for no filing then atleast the taxes would have been paid. So that is the maximum that the department could do first is to ask him to file his return and pay taxes.
So if taxes are already paid atleast interest from the date of payment will be saved.
File ereturn for both the years.
Also tell him to atleast pay taxes for F. Y. 2007 - 08 if due but not file the return as the same is time barred. If any notice will be received from the department for no filing then atleast the taxes would have been paid. So that is the maximum that the department could do first is to ask him to file his return and pay taxes.
So if taxes are already paid atleast interest from the date of payment will be saved.
13 August 2010
agreed with aditya ji.
YOu can file FY 2008-09 till 31March 2011 with penalty of Rs.5000/-
YOu can file FY 2009-10 return till 31st March2011 without penatly and upto 31st March 2012 with penalty.
YOu can file FY 2008-09 till 31March 2011 with penalty of Rs.5000/-
YOu can file FY 2009-10 return till 31st March2011 without penatly and upto 31st March 2012 with penalty.
14 August 2010
retunr for 2 years can be filed now. penalty for filing return after end of AY can be initiated foe FY 2008-09. In my opinion, nothing should be done for the financial year should be done. if any notice is recd. from the deptt. then appropriate decisio should be taken. income for that yr. might be below taxable limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- Rent lease agreement
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
