Income Tax Return

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Harpreet (Querist)
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07 April 2011 An Assessee has never filed his ITR since FY 2007-08 and he had following TDS amount which deducted and shown in Form 26AS:

FY 2007-08 13240/-

FY 2008-09 3457/-

FY 2009-10 10050/-

FY 2010-11 2015/-

Please suggest/advise me whether i should file his all ITR now with penalty of Rs. 5000/- for each FY or not

What should i do which will be convenient for him and me too?

Waiting for your valuable advises.......

Thanx

Harpreet

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Ugra Sen Singh

Ugra Sen Singh (Expert)
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08 April 2011 Dear Harpreet If you are filed return for the FY 06-07 then you must file all return
with penalty remember TDS amount for 07-08 & 08-09 is forfeited by departement

If you are not file return for FY 06-07 then dont file return for FY 07-08 , 08-09 , 09-10

Return filing time for FY for 10-11 is 31 july 2011
So prepare for this

Harpreet

Harpreet (Querist)
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08 April 2011 Mr. Singh

Can i file ITR for FY 2009-10 right now as the assessee can file belated ITR within expiration of 2 years without paying penalty u/s 237 of Rs. 5000/-. CBDT will deduct the same (Rs.5000/-) from assessee TDS amount if there is refund more than Rs. 5000/- or raising demand for the same.

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CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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08 April 2011 You may kindly note that income tax return should be filed with in the due dates as per IT act.
you can file the return of income for the F.Y.2009-10 & F.Y.2010-11 as on date.

For the previous years i,e F.Y.2007-08 & 08-09, as it is already time bared, Assessing Officer will not accept the return.

He may issue the notice for Income escaping assesment U/s 147.

Suggest for filing only for F.Y.2009-10 & 10-11.