Belted return

This query is : Resolved

Guest

Guest (Querist)

23 June 2012 SIR

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?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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23 June 2012 If the total income is below the taxable limit then there is no need to file income tax return.

Even a belated return can also be filed by you till the end of 1 year from the relevant A.Y.
You can not file the return for the A.Y 2010-11 since it is already time barred.

Message likes : 1 times

Guest

Guest (Querist)

23 June 2012 he asked me to produce documents on this monday but as i can not file the return i am thinking not to go to his office.
is it correct way?

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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25 June 2012 Even though you are not liable for filing the return, AO has right to call you to produce the documents.
if you are not liable for tax there is no harm to produce the documents to AO.