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Late Return !!

Shankar Sharma (Accounts Exec. - Fresher) (85 Points)

03 May 2011

A person filed his IT Return ( for Individual not liable to get their account audited) for asst yr : 2008-09 and TDS was receivable as on the Asst Yr. he has not filed return for next three years i.e. Asst Yr: 2009-10 / 2010-11

Now he going to file their all previous IT Retruns in this year including asst year 2011-12.

1.whats the IT treatment for late return filing considering abovementioned defaults. and effect on refund of TDS or adjustment with Tax payable.

2. Which ITR be used for return

Please Help..

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1 Replies

CA. Arpita Singhal (Partner) (100 Points)
Replied 03 May 2011

In my opinion......any update from other learned mambers will be enlightning.....

For A.Y. 2008-09 return was filed...so refund will be received for the TDS..

For next two yrs not three....A. Y. 2009-10..a return can be filed if the commissioner of IT grants condonation of delay in filing the return

if income tax to be payable for A. Y. 2009-10 then there will be interest for late filing & int. for non payment of tax plus penalty may b imposed.

Yes the rfund will b adjusted against the demand of tax

for A. Y. 2010-11 a belated return can b filed but int liab on late filin as well as on non payment of tax(if any) will be there & penalty may also be imposed.