Urgent???????????

ITR 559 views 2 replies

Guest

Hello everyone

A assessee who has Business income by providing Services of software development and some gain from share intraday.

But Total income is below max.exemption limit.

Facts are:

1. TDS has been deducted on his services.

2.some shares amount 12000 was in his portfolio

3.These all information is related to FY2009-10.

My Q is :

1.is it statutory obligation to file return for this?

2.Can belated return filing manually possible.

3.any penalty for this assessee has to bear for filinf if it is mandatory?

Situation is:

I have visited ITO office and tried to ask him for filing this belated return but his intention was not looking good as he said to me *I was searching for people who evade tax n u come to my office*. he said that i have to bear penalty and interest.I havenot submitted my ITR4 to him.

and asked me to show my passbook for receipts which is Totally 182507 for whole year cash rs.161500 which i got from my father for education and 20000 from my client.ITO note down my PAN no. Bank A/C no. and net profit from business activity.

now please please help me out what to do and how to do?

Replies (2)

Yogesh Shah

Managing Corporate Finance

1051 Points Joined March 2009

Hello Nishant,

You have not mentioned the relevant details like who is assessee - whether individual / firm / company.

Also you have not mentioned relevant amounts like how much is income from intraday transactions and how much is assessee's Net Taxable Income (i.e. after reducing deductions). Hence, on assumption that assessee is individual, I would suggest you to refer Sec. 111A of Income Tax Act first of all.

Second thing - ITR for AY 2010-11 you can't file now since last date was 31.03.2012. Penalty for not filing IT arises only when tax liability was there. In case of NIL tax liability, don't worry, penalty will not be leviable.

Yogesh Shah

Managing Corporate Finance

1051 Points Joined March 2009

In respect of second situation --

Even if AO has taken details from you, just chill. If he sends you any communication, just reply him showing true position and mention all details like receipts are for education and apart from 20,000/- no income is there etc. etc.