30 June 2010
For the financial year ended 31 March 2008, the belated return can be filed up to two years from the end of financial year, which is up to 31 March 2010. However, there are riders attached to filing a belated tax return. Otherwise, there would be no point in the tax authorities spending so much on advertising the deadline of 31 July 2008.
If you file your return after one year from the end of financial year, that is after 31 March 2009 (for returns pertaining to financial year ended 31 March 2008), there is an exposure to penalty of Rs 5,000 depending on the discretion of the revenue authorities. This penalty will not apply if you file your tax return before 31 March 2009.
Now the time for belated return is also passed. Even if you want to file return . You filed it and Penalty may be imposed by AO Rs.5000/-
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