Income tax return

Dear Sir,

My company have yet not filed income tax return for finacial year 2007-08 further year also pending. now they want to file the return and clear out all dues agianst income tax & other. Can we file the return for A.Yr. 2008-09 & so on in current period and also tell me what is the penalty will be created by IT department . Please suggest me. It is urgent.

Replies (5)

more details plz

a) constitution of tax payer individual / company/ firm / aop/ boi/huf?

b) yearwise taxability synopsis, i.e taxable income or not

c) what about returns of other laws and rules , viz vat, cst, service tax, profession tax etc

you can file income tax return with in expiration of 2 years so you do not file your company return for FY 2007-08. for fy 2008-09 you can file and department will ask you to pay penalty for late filling is rs. 5000/-

For F. Y. 2008-09 the time limit for belated return was 1yr frm the end of relevent assessment year which was 31st March 2011,& the same has expired.

 

The belated returns can be filed only within 1 yr from the end of the relevant AY.

since you have missed the time limit, it does not seem possible for you to do so.

however, the AO at the time of assessment may ask for your previous returns along with the penalty.

can we file income tax returns forr A.Y 08-09 and A.Y:09-10 if the assessee is having refund plz reply fast

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