As per Income Tax Act u/s 139(4)a person can file belated returns upto one year from the end of the relevant asessement year i.e. return for the F.Y. 2010-11 can be filed upto 31.3.2013 and at any point of time you can file returns only for two financial years and not more than that.

e return filing is compulsory for copanies(with digital signature) and partnership firms, individuals and Hufs subject to tax audit (with or without digital signature). others ereturns are optional

Disadavantages for not filing returs on due date

1) interest u/s 234A/B/C

2)returns cannot be revised

3)section 10A , 10B , 80IA.....80IE Series deduction not allowed.

4) A.O. gets power for Best Judgement Assessement u/s 144

Mukesh,

E- return filing is compulsory for Companies ,Partnership Firms, Individuals and Hufs subject to tax audit (with digital signature). And other Returns are optional.

Jianam if ur return is not taxable then you can file the returns from F.Y 2010-11 And F.Y 2011-12 without any penalty. If your income for F.Y 2010-11 is taxable then you have to pay Rs. 5000/- for belated return under sec 271 F of Income Tax Act. And for F. Y 2011-12 there is no penalty u can file ur return upto 31-03-13 with interest if ypur income is taxable.

Thanks Mukesh Agrwal & Barish Agrwal...