An Assessee has never filed his ITR since FY 2007-08 and he had following TDS amount:
FY 2007-08 13240/-
FY 2008-09 3457/-
FY 2009-10 10050/-
FY 2010-11 2015/-
Please suggest/advise me whether i should file his all ITR now with penalty of Rs. 5000/- for each FY or not
What should i do which will be convenient for him and me too?
Waiting for your valuable advises.......
Thanx
Harpreet
Of course you should file return with penalty amount first three f.y. penalty will be Rs.15000/- (5000 of each F.Y.) and refund amount is 26747 than approximately you will get in your hand refund of 11747.00
are you sure that such TDS amounts are eligible for refund? whether these TDS amounts does not carry any amount which can invite incometax? if u are sure then file belated return , u would be eligible for refund
Dear Harpeet
( k/a Pankaj )
Income tax returns Only for Asst Year 2010-11 can be filed now.
The time perido for filing return earlier year returns .ie.upto Asst year 2009-2010 has already expired.
Now you can file return for asst year 2010-11 with penalty of Rs.5000 which would be adjusted against your tax refund .You need not pay it with returns.
Also you can file returns for Asst year 2011-12.
CA Rajesh Balsara.
TDS certificate can be used up to the 2 year after the assessment year
CAclubindia
