Its Urgent Plz help me

Dear Harshit, i think u r talking about TDS,

u can claim the redund of Tax,  further as per Sec 271F penalty shall be levied,

also interest u/s 234A shall be levied.

Yes, you can claim TDS of FY 07-08 in filling return for AY 08-09 in Feb 2010.

Penalty of Rs. 5,000/= U/S 271F is applicable if  the income (without claiming deduction U/S 10A,10B, 10BA, 80c to 80U) exceed the amount of exempted slab. However if the assessee proves that  there was reasonable cause of failer then there is no penalty.

Hi Harshit,

You can get the benefit of TDS out of your tax liability for the same.But yes penalty u/s 271F will be applicable @ Rs. 5000/-. Further penalty u/s 234A will be applicable.

ya agree u can get benefit of tds/

Yes, u can get refund of the TDS.

271F penalty will be there but interest cannot be levied under 234A

since you will get credit for the TDS in computing the interest under 234A

Dear Harshit,

Refund on belated treturn is allowed.

Last date of Filing return in ur case is 31.03.2010

AO may impose Penalty of Rs. 5,000/- u/s 271 F

Agree with friend G.K., since u r claiming refund Interest u/s 234 A will not be there.

Mr.Harshit

Belated return should be filed within one year from the end of relevant A.Y.

therefore in ur case for A.Y.08-09 - 31.03.2010......

Since u r claiming refund 234A interest won't be there.....

Penalty may be imposed as pointed out by Mr.Amir...

agreed wid balaji........