Return of file
This query is : Resolved
LAXMIDHAR SAHOO
(Querist)
20 February 2014
sir i found one query regarding Return file under income tax , can i make file for two year back means for F.Y. 2010-11? Is there any penalty or anything please inform me
CA SANJAY MUKHERJEE
(Expert)
20 February 2014
Yes you can,
CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE
DATE
If a return is submitted after the due date, the following
consequences will be applicable:
1. The assessee will be liable for penal interest under section 234
A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if
belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses
cannot be carried forward.
4. If the return is submitted belated, deductions allowable under
certain sections will not be available.
However till date I have not come across a single case where I.T department has imposed this penalty. So just file the return and pay taxes and interest thereon, if any.
CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE
DATE
If a return is submitted after the due date, the following
consequences will be applicable:
1. The assessee will be liable for penal interest under section 234
A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if
belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses
cannot be carried forward.
4. If the return is submitted belated, deductions allowable under
certain sections will not be available.
However till date I have not come across a single case where I.T department has imposed this penalty. So just file the return and pay taxes and interest thereon, if any.
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