annual return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2011 Dear friends, plz tell me what is the maximum time to filing the income tax return, i.e. if we want to file return for the F.Y 2005-2006, then what will be the penalty & upto how many years we can file the return, secondly if we want to file return for the F.Y. 2009-10, then what is the maximum time for without penalty & with penalty. thanks in advance

CA Namrata Dedhia

CA Namrata Dedhia (Expert)
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23 March 2011 Maximum time limit for filing belated income tax return is one year from the end of the assessment year. So, you cannot file return for FY 05-06 now.

For FY 09-10, last date for filing return is 31st March 2012 if assessment is not completed before that date. Once assessment is completed for any year, you cannot file return for that year.

There is no penalty for filing late return except for interest u/s. 234A

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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23 March 2011 If the return is not filed within the assessment year then a penalty of upto Rs 5000 may be imposed by the department in addition to compulsory interest u/s 234A, B & C.

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