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Late filing of itr

Prakt Das (SR) (67 Points)

15 September 2012

Due to certain family issues during the year 2011-2012, me and me wife could not file the ITR-1 for the FY 2010-2011 before the deadline. After missing the deadline we were not really serious thinking that since TDS is being done, we need not worry. Now for getting an LIC policy we were asked to produce the last 3 year ITRs. When I got the Form 16 for this reason I found 2 issues:

In my case, I have to pay Rs. 19 extra
In my wife's case, section 80C deductions had not been done (despite submitting the necessary documents) moreover, the tax calculations are wrong and extra tax has been deducted. So she is eligible for a refund.

My doubts:

If I file ITR now, will there be any penalty?
How late can an individual file the ITR?
Can my wife ask for a refund under section 80c now?

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4 Replies

Nitesh Gupta (Articled Assistant) (145 Points)
Replied 15 September 2012

ITR for F.Y. 2010-11 can be filed upto 31.07.2011 without any interest/penalty. and upto 31.03.2012 with interest on tax payable(if any). and if u file it after 31.03.2012, penalty can be levied if there is no sufficient reason for non-filing. But in your case, since there is a sufficient reason for non filing, hence no penalty would be there(depends).

Further, whenever u file your ITR, any refund can be claimed any time. Refund shall be granted to you.

So, in your case, penalty may be levied on you. But since you have sufficient reasons, no penalty would be levied, I hope.

In your wife's case, you can certainly claim 80C, TDS etc same as if you have filed ITR timely. Because non filing of ITR on time doesn't affects on deductions and refund claims of 80C or TDS etc.

Further, I suggest that you should file your wife's return online. You can get refund in a few months.

Also note that you can file ITR for F.Y. 2010-11 latest by 31.03.2013 (with/without penalty).

Also note that you need not to pay penalty along with ITR, it would be on the discretion of Income tax officer, if he thinks that you have no sufficient reason for non filing(but in your case , you've that).

Thanks,

Write again if any doubt.

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