Penalty for late filing individual it return -
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 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..???
12 January 2012
Assuming that your tax payable was only Rs. 3000 during 2010-11, no penalty would be levied for late filing of return of income for 2010-11.
Since income was below taxable limit, no penalty would be levied even for 2008-09 and 2009-10.
In the late return you can claim all the exemptions and deductions except certain as specified in IT Act and except carry forward of business losses.
Home loan deduction can be claimed even if return of income is filed late.
In case you need assistance in filing the Return of income for these 3 years, you could contact me at anand_ca22@yahoo.com
Since income was below taxable limit, no penalty would be levied even for 2008-09 and 2009-10.
In the late return you can claim all the exemptions and deductions except certain as specified in IT Act and except carry forward of business losses.
Home loan deduction can be claimed even if return of income is filed late.
In case you need assistance in filing the Return of income for these 3 years, you could contact me at anand_ca22@yahoo.com
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
