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How can one pay it returns of last three years in india?

Manoj Rana (Student) (31 Points)

23 November 2012

Hi guys,

I am a student and trying to apply for a student loan. But the bank manager said that my father is not paying IT returns. He told me to pay his IT returns of last three years. I dont know anything about paying IT returns.

My father is running a private business of diamond and he is ready to pay tax for me. Some of my seniors are saying that I can not pay return of three years simultaneously. Is it true? should I proceed? Any kind of help will be appriciated.

Thanks in advance....

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14 Replies

CA Mihir Darji (Proprietor) (102 Points)
Replied 23 November 2012

Ya..one can not file IT return for last 3 years..

If You want to file for 3rd year then you must have to liable to pay penalty U/s 271F..i.e 5000/-

So you can file ITR for last 2 years..

Not necessary that Your father have to pay tax...

You can file return by showing income within exemption limit..

And all the best for study..

1 Like

CS Alok Mishra (Income Tax Practitioner) (786 Points)
Replied 23 November 2012

Agreed wid Mr. Mihir.

I ll advice pay tax only for current year and file non-taxable return for last two years ..As the loan is for study... not much stress are put on tax payment ..

All the best bro...

1 Like

Manoj Rana (Student) (31 Points)
Replied 23 November 2012

Originally posted by : CA Mihir Darji
	Ya..one can not file IT return for last 3 years.. If You want to file for 3rd year then you must have to liable to pay penalty U/s 271F..i.e 5000/- So you can file ITR for last 2 years.. Not necessary that Your father have to pay tax... You can file return by showing income within exemption limit.. And all the best for study..

thanks for your valuable reply mihir,

You mean to say I can file returns of only last two years, not three. right?

CA Mihir Darji (Proprietor) (102 Points)
Replied 23 November 2012

Ya Ravi..only last two years..with out any penalty..

Bhushan Munot (student) (21 Points)
Replied 26 November 2012

it is not compulsary to pay penalty U/s 271F if you are not required to filed IT return U/s 139 (1) i.e your income below the exemption limit...so no need to pay penalty for 3rd it return..

CA Mihir Darji (Proprietor) (102 Points)
Replied 26 November 2012

Dear Bhushan ..ITR for third year is time barred so penalty applicable..

CS Alok Mishra (Income Tax Practitioner) (786 Points)
Replied 26 November 2012

Mr. Bhusan, Mihir is correct.. for third year, u need to pay 5000.

Nikhil Kaushik (Fellow CA) (85053 Points)
Replied 02 January 2013

Dear Mihir,

Section 271F doesn't come i nto the picture on account of Time-limitation. If you refer to the language of the said section, the penalty shall be applicable to the return of second year too. But as your rightly pointed out, the penalty can be saved by filing a return of amount not exceeding the Section 139(1) limits. thus, your logic for avoiding 271F is right but the time-bar point is wrong as it applies to second year too.

In regards to the third year return. 271F doesn't apply here either (as long 139(1) is not triggered). The assessee may write to the Assessing officer to issue notice under Section 142(1) or 148. The third year return can be filed in response to such notice without invoking 271F. This is a routine process and has been used repeatedly by assessees across the spectrum to file returns beyond two immediate previous assessment years.

Darpan aggarwal (Article assitiant) (141 Points)
Replied 01 February 2013

HI, NIKHIL.......... AND ALL OF ABOVE AND BELOW...........

ONE CAN ALSO FILE INCOME TAX RETURN FOR F.Y 2009-2010 (i.e A.Y 2010-2011) OR NOT, MY FRIEND SAID TO ME YOU CAN E- FILE YOUR INCOME TAX RETURN BECAUSE MY PROBLEM IS THAT I HAVE HUGE TDS IS DEDUCTED BY THE DEDUCTOR UNDER COMMISSION INCOME, PLEASE ASSURE ME , HIE IS RIGHT OR NOT

THANKS AND REGARDS

DARPAN AGGARWAL

Darpan aggarwal (Article assitiant) (141 Points)
Replied 01 February 2013

DEAR RAVI,

YOU CAN CONTACT ALSO TO ME FOR ITR AND OTHERS HELP ALSO.

THANKS

DARPAN AGGARWAL

9711426455

CA Momin Owais Ahmed (Audit Manager) (154 Points)
Replied 01 February 2013

Hi,

Ravi & Darpan

A person is require to file return under Sec 139(1) for regular return and Sec 139(4) for belated return,

Sec 139(4), any person who has not furnished a return within the time allowed to him under sub-section (1) may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Section use the word “at any time before the expiry of one year from the end of the relevant assessment year” hence any return for the period before the aforesaid period can’t be filled.

Let us assume today 1^st of Feb 2013 if any person wants to file return for earlier year then he can file the return only for two years i.e. P.Y. 2011-12 & P.Y. 2010-11

If he wants to file for the previous year 2009-10 then he cannot…

Hence one cannot file return for three previous years

CA Mihir Darji (Proprietor) (102 Points)
Replied 01 February 2013

Hey Nikhil..U cant file ITRfor AY 2010-11 by this time...

CA Momin Owais Ahmed is right...

Nikhil Kaushik (Fellow CA) (85053 Points)
Replied 01 February 2013

Dear Darpan,

as you may have gathered from the string of the messages above, for AY 2010-11, the only option available to you is section 142(1) or 148. 139(3) is not available. Accordingly, you may approach the jurisdictional assessing officer for issuance of 142(1) or 148 notice.

Nikhil Kaushik (Fellow CA) (85053 Points)
Replied 01 February 2013

Dear Mihir and Momin, You are correct only to the extent of interpretation of 139(4). But you need to look beyond 139 to find the solution to this problem. the said solution lies in 142(1) and 148. All you need to do is to approach your assessing officer for issuance of notice under 142(1) or 148. You may peruse the act or relevant commentaries on the said sections for further details.