Can we file Return of Income for Assesment Year 2008-09 and Assesment Year 2009-10 now?
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Filing Of Return.
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in this case u can file return of income only for AY 2009-10 with penalty of Rs 5000+ interest ...
What about py2007-08?
It is very simple to remember (forget about the provisions of law)
In current Financial year a person can file returns of last 2 financial years.
Like for eg. on 30-03-2010, you can file returns for last 2 F.Y: 2008-2009 & 2007-2008
similarly on 5-5-2010, you can file returns of last 2 F.Y: 2008-2009 & 2009-2010.
And Akshay you do not have to pay the penalty of Rs. 5,000/- While Filing returns for P.Y 2008-2009
it is leviable/ payable only if the A.O. passess an order, which is still a rare possibility.
Assessee does not have to pay penalty of Rs. 5000 while filing the return of income.
if return is not furnished within time allowed u/s 139(1), such ROI shall be known as belated return
belated ROI can be filled before:
1) end of one year from the end of relevant AY or,
2) before completion of assessment year whichever is earlier
The following will be the consequence for filling of belated return of income:
A) Assessee will be liable to pay interest as calculated u/s 234A.
B) A penalty of Rs 5000 under section 217F will be imposed if the return is submitted after the end of assessment year
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