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Filling of belated returns

CA CS Jainam Shah (Practicing Chartered Accountant) (2492 Points)

30 October 2012

I am an Individual having an textile business.

I have not filled my Income Tax returns since A.Y. 2008-09. I want to file all d returns in this current year.

1. What is the procedure for filling of returns?

2. Whether I can file all the returns online or not?

3. What is the penalty for belated returns?

4. What are the disadvantages in filling all years return?

Please reply to my query as soon as possible.

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3 Replies

MUKESH AGRAWAL (Student) (24 Points)
Replied 31 October 2012

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

What are the disadvantages in filling all years return?

Read more at: /forum/filling-of-belated-returns-225956.asp

1 Like

Barish Agrawal (no) (135 Points)
Replied 01 November 2012

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.

1 Like