Just wanted to confirm if any individual has not filed his individial return for any f.y. ( e.g. F.Y.2009.10) and wanted to file the same now. What would be penalty for the delay. Net tax libility is NIL. Also can he claim dedution of insurance premium paid u/s 80 C even if those premiums paid prior to the IT filing period. ( E.g. Insurance Premium paid from 2004 and not claimed for deduction.. is it elegible)
14 December 2011
You can file return upto 1 year from the end of assessment year. But you can not claim deduction in respect of insurance premium paid prior to the PY to which return pertains. Penalty may be levied upto Rs 5000 at the discretion of ITO.
17 December 2011
what are you talking? Today morning i correct your two mistakes so now you are searching my mistakes,it is good any one can make mistake but be fair. i did not modify any reply.
Guest
Guest
(Expert)
17 December 2011
I am not searching any of your mistake since this is a forum for knowledge sharing rather than leg pulling.
I felt so good, delighted, and contented when you told me errors i committed at the time of answering a query. Infact I consider you as a very knowledgeable and learned expert who is so keen to make ppl aware abt their errors. Indeed i m thankful to you for correcting me since we are not perfect and in my opinion knowledge replicates by sharing not by preserving.
Anyways I am not being unfair, rude or is using any sort of trick to prove you wrong or highlight any sort of mistake. Truly speaking word interest was there as i saw before posting reply that interest will not be allowed.
In case you feel that i m trying to search any mistake intentionally then i will now never reply to any of your posts. Really dnt meant to annoy you.