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Shrenik (Querist)
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07 January 2011 Pls. Advice me on this.

From AY 2008-09 to AY 2010-11 my friend has not filed Return of Income, & he has refund to claim in all that year.
Since there is no tax payable, so now If we will file return for this years, then there will be any panelty.

Pls. Advice me urgently.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 January 2011 You can file returns of AY 2009-10 and 2010-11. No penalty will be leviable if Tax is not payable for AY 2009-10. For AY 2010-11
if income is taxable or tax is payable then also retun can be filed.

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Shrenik

Shrenik (Querist)
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07 January 2011 Sir Thanks for ur reply, but for AY 2008-09 what I have to do, should I file return as i want to claim refund & if yes then there is any panelty for that year.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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07 January 2011 "if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

so this section says end of relevant assessment year ,as for previous year 2009-10, assessment year is 2010-11 and its end on 31.03.2011 ,means there is no liability for late filing of income tax return up to 31.03.2011 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee

That means.. you are liable to pay a penalty upto Rs. 5000/- each for AY 2008-09 & 2009-10.

However, you should file your return without this penalty & who knows..you might end up satisfying the AO for not levying any penalty at all.

Shrenik

Shrenik (Querist)
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07 January 2011 Dear Subhash Sir thanks for ur useful updates, so can I have to approach AO in advance for panelty for AY 2008-09 & 2009-10, as after filing return if he will impose panelty then what can we do.

Anshuman Bardhan

Anshuman Bardhan (Expert)
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08 January 2011 You can claim refund u/s 119(2)(b) asking the AO for condonation of delay in the case of AY 2008-09 and AY 2009-10 after approval from CCIT/CIT

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