25 December 2009
There is no reason why you cannot e-file. Section 139(4) enables the assessee to file belated return before expiry of one year from the end od the assessment year. Following three points may be kept in mind: 1.If full tax has not bee paid by the assessee before due date for filing return of income for the assessment year 2008-09 (FY 2007-08)interest under section 234A is payable before filing the late return. Interest is payable @ 1% per month or part of a month for the period immediately after the due date for filing the return to the date of filing the return. 2.If the return discloses business loss or loss under the head "capital gains" or speculation loss or loss from winning from owning and maintaining race horces, such losses shall not be allowed to be carried forward.(Section 139(3) read with section 80) 3.There is no scope for revising the belated return. 2.
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