Return of file

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LAXMIDHAR SAHOO (Querist)
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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

CA SANJAY MUKHERJEE (Expert)
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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.

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