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

Efiling 1159 views 5 replies

vishnu

SWE

30 Points Joined April 2009

Dear forum members,

I have been ignorant with filing my IT returns for assesment year 08-09. I have been filing my returns since 2005 without fail. Last year i had to leave to abroad for the first time on urgent basis and i had to file the returns before i leave. So I approached a CA for the first time (since i have incurred a substantial loss in equities i want to declare the loss ).My IT returns were e-filed and with in 2 days i left INDIA on my job purpose. But i was not aware that i have to submit the acknowledgment to the IT department. My problem had been worsened when i came to know only yesterday that i cant re file the returns after March 31st.If i file the returns after Marh 31st. i cant claim my sec-80 c benefits or i cant declare my loss.(My company had already deducted tax from my salary. so i jhave paid all the tax) Currently I am stuck with not knowing what to do . i would appreciate any help regarding this problem or any assistance. My juridiction comes under chennai and my returns were e filed on jul 12 2008.

Thanks and Regards,

Vishnu Kopparapu.

Replies (5)

Shashank Gokhale

36 Points Joined January 2009

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

vijay

212 Points Joined March 2009

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

vijay

212 Points Joined March 2009

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

Shashank Gokhale

36 Points Joined January 2009

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

Regards,

Shashank

M.M.SURANA

Director -Taxation

532 Points Joined January 2009

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

9952967237