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This query is : Resolved
16 February 2012
Dear Sir,
Mr. X is a director of ABC Pvt Ltd
For the FY 2010-2011 he received rs.432000 as salary after TDS(48000/-)
he didn't file Income Tax Return for the FY 2010-2011 and want to file before 28/2/2012
Should he file return?
Pls advice me, its urgent
is their time limit? pls explain
urgent
Mr. X is a director of ABC Pvt Ltd
For the FY 2010-2011 he received rs.432000 as salary after TDS(48000/-)
he didn't file Income Tax Return for the FY 2010-2011 and want to file before 28/2/2012
Should he file return?
Pls advice me, its urgent
is their time limit? pls explain
urgent
Shalibhadra
(Expert)
16 February 2012
yes he should file this return as per statutory limit on or before 31 july-2011
but he can file it now
but he can file it now
CA Rushikesh Kolhe
(Expert)
16 February 2012
Yes there is a limit given under section 139(1). This limit is on or before 31st july of assessment year. In this case 31st july 2011. But as he is salaried person he can file it till end of assessment year that is till 31st mar 2012. He can even file his return after this date till 31st mar 2013, but he will have to pay penaulty of rs 5000 for filing return between 1-4-2012 to 31-03-2013. So he can file return without penaulty till 31-03-2012.
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