Penalty for late filing individual it return

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Sachin Gurav (Querist)

11 January 2012 hi, i m a individual, with salary income only, during 2008-09, 2009-10, my income was below tax limit. during 2010-11 my company deducted TDS Rs. 3000, i have not filed return for all three years, can i file this now??? is there any penalty for late filing?? this late filed return will useful for home loan etc..???

U S Sharma

U S Sharma (Expert)

12 January 2012 u can file 2009-10 and 2010-11 upto 31st march 2012 without fine,

to file 2008-09 you need permission from commissioner, which may impose penalty of 5000

Prakash Kochar

Prakash Kochar (Expert)

13 January 2012 fOR 08-09, AS RETURN IS BELOW LIMIT, LEGALLY IT CAN NOT BE SUBMITTED NOW. FOR fy 09-10 INCOME BEFORE DEDUCTION UNDER CHAPTER VI-A IS BELOW LIMIT, NO PENALTY ATTRACTS AND IT CAN BE SUBMITTED. fOR 10-11 RETURN CAN BE SUBMITTED BEFORE 31.03.2012, WITHOUT ATTRACTION OF PENALTY FOR LATE FILLING OF RETURN, EXCEPT LIABILITY OF INTEREST IF ANY SELF ASSESSMENT TAX IS PAYABLE. FOR OBTAINING LOAN IF INCOME IS BELOW LIMIT, UNDER THE CIRCUMSTANCES FORM 16 CAN BE SUBMITTED WITH FINANCIASL INSTITUTIONS FOR LOAN. .

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