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Can i file ITR for last two yrs ?

Mandar D. Rane (CA Final & CS Executive Student) (236 Points)

18 April 2011

Hi all,

Please guide me. Can i file Income Tax Return for AY 2009-10 & AY 2010-11 ???

Can i get the refund ?? Will there be any problem in getting refund as it is already late...???

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7 Replies

nikhil ranjan (teacher) (34 Points)
Replied 18 April 2011

well my dear you can definitely file the returns for both the assessment year

but there will be a penalty of Rs. 5000/- for each return

and also you can nt claim your refund or past losses.

susanta kumar jena (CA Final/ICWA Final) (50 Points)
Replied 18 April 2011

hello frnd,

I completely agree with Nikhil but I think refund can be claimed not loss.Its detailled in

139(4) belated return.

Archit Goyal (Learning Professional) (344 Points)
Replied 18 April 2011

I think for AY 09-10 u ust not file ITR if u file consequence

1) u will definately has to penalised by Rs 5,000 (sec. 271F)

2) it may be higher chances of the return will be subjedct to scruitny assessment.

since last date was 31.3.2011

However,

for AY 10-11 u can file belated return (sec. 139(4))

however, the lss u claiming will not carry forward

there is nothing contains prohibiting the refund u can got this easily,

however it is suspicious for AY 09-10

Nitin Grover (CS) (1228 Points)
Replied 18 April 2011

Dear Friend

yes you can file Return for Two Ass. Year. Panelty of Rs. 5000 may be imposed. You can claim also yours Refund.

for example you can file now return of Ass Year 2010-11 & A.Y 2011-12

Panelty of Rs. 5000 may be imposed on first return only (not compulsory).

Regards

CS Nitin Grover

+91-9582009494

Email : nitinsgrover @ gmail.com

KINJAL (self) (44 Points)
Replied 30 April 2011

If one has taxable Income then only question of penalty of Rs 5000 will arise. If one doesnot have taxable income then question of penalty will not arise because it is not mandatory to file return. you can claim tds refund as well.

Nitin Grover (CS) (1228 Points)
Replied 01 May 2011

Dear Kinjal

if there is Tax Amount then Interest will be charged on Tax @ 1% now it will be 1.5% p.m.

if u file return after ending of Assessment Year i.e Fin 2008-09 A.Y. 2009-10 means last date is

1. July 31, 2009 without any interest or panelty

2. March 31, 2010 with interest on Tax @ 1%

3. March 31, 2011 with interest on Tax @ 1% + Panelty may be charged uptio Rs. 5000/- only.

Mandatory filing of return is

If any person have GROSS INCOME above 0% slab rate i.e for man above 1,60,000 then the person has to file his return doesnt matter its Taxable or not. If the person have deduction of Rs 60,000 means NET INCOME is 100000 then also its mandatory to file Return.

But anybody files his / her return after ending of Ass. Year then Panelty may be imposed of Rs. 5000/- only.

YES you can claim REFUND AMOUNT after due date also but before 31st March of next year of Ass Year.

Regards

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 01 May 2011

Please share the source of TDS deduction, as except bank interest every other TDS has taxability issue and would get added to taxable income, so beforehand calculate your tax liablity by adding the incomes as mentioned in your all form 16A, and then go for filing if shows refund permissible, if the amount is more than 5000 then proceed, else ignore.