Help regarding my e-filing for assesment year 08-09

Hi Vishnu,

Even I am facing the same problem.  But  I have to submitt a nil return for the FY 2007-08.

Pls let me know what can I do? Is there any interest chargeable for the default even for nil return?

Thank u,

Shashank

Hi Mr. Vishnu,

You can file the return of Asessment Year 2008-009 till 31st March 2010 but have to pay the penalty of Rs. 5000/- and interest @ 1% P.m.

you cannot carry forward the loss you have made through this assessment year but if have any refund you van get it.

Hope you will find this information useful.

Regards

Vijay Kumar

Hi Mr. Sashank,

You can file the return of Asessment Year 2008-009 till 31st March 2010 but have to pay the penalty of Rs. 5000/- as you have to file a retrun of NIL amount no interest has to be paid by you.  but you have to pay the penalty of Rs. 5,000 under Section 271F of the income tax act 1961.

Hope you will find this information useful.

Regards

Vijay Kumar

Thank you, Vijay.  But if we have the refund, can we deduct the interest amount from the same.

Regards,

Shashank

Mr. Sashank

U r filling yr claim of reund in your return. But must remember one thing unless until it is determined by the AO U can not say it is refund. AO may make certain adustment while determining reund even u/ s143(1), if he is not finding any proper evidence or supporting document for our cliam of decuction  or credit of TAx & TDS, he may reduce the refund in want of evidence. Therefor you can not claim interest in advance and can not adjust refund with any other demand. AO only can adjust the same with other dues.

Surana, Chennai

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