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LATE RETURN

Kushal (Student) (225 Points)

26 August 2008

one of our clients has not filed his IT return of A.Y.06-07, A.Y. 07-08 and A.Y 08-09.
But the latest date of filing return of A.Y. 06-07 was 31-03-08, which has already passed.
So what should I do ???
should I file directly return of A.Y> 07-08 ??

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4 Replies

Rushikesh (Chartered Accountant - Manager Finance) (2375 Points)
Replied 26 August 2008

Its better to file for the previous years too.

Check the penalty that will be levied if there was tax payable if any.

Because you'll need them for future reference, also the return has the date of incorporation..better to play safe.

SUNIL MEHTA (CHARTERED ACCOUNTANTS) (20 Points)
Replied 26 August 2008

You can not file return for the Asst. Year 2006 - 07.

You can file the return for the Assessment Year 2007 - 08 and 2008 - 09. For 2007 - 08 penalty may or may not arise, it depend on the processing of the return. But return of 2006 - 07 assessment year can not be file in any case.

Vijay Budhwani (AVP Tax) (326 Points)
Replied 26 August 2008

Yes even I agree. You cannot file the return for the AY 2006-07. The return can be filed only in response to notice (if any received) from the department. As regards the other two years you still have time and you can file irrespective of whether the return for AY 2006-07 was filed or not.

CA Rachit K Patel (Chartered Accountant) (1503 Points)
Replied 02 September 2008

Hi Friends,

No that not the case.Still you can file the return for the A.Y.2006-2007. If there is any tax liability then for that Asst. Yr. then you need to pay Interest on those tax liability as arising in various section. After that pay the penalty of Rs.5000/- which is as per the penaly section & file the return. Its good if you file the return by paying the necessary dues. As in future if you approach for any loan from bank then they ask for the 3 or 5 yrs. returns.So, it will be good enough if you file the return. friend don't be late file ASAP.

Rgsd,

Rachit.