income tax return for the FY 2005-06

This query is : Resolved

geeta (Querist)
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24 September 2008 Can an individual assessee file his/her IT return for the FY 2005-06 now?
What penal provisions will be attracted?

CA E.A.Ravikumar

CA E.A.Ravikumar (Expert)
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24 September 2008 Belated return can be filed before the end of one year from the end of relevant asessment year.

In the case given by you the relevant asessment year is 2006-07 & one year expired on 31 march 2008. So cannot be filed

Ravikumar.G

Ravikumar.G (Expert)
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24 September 2008 Default 139(1)
Penalty u/s 271F
Power to Levy - AO
Amount of Penalty - Rs.5,000/-
Prevented by reasonalbe cause - NO penalty (sec 273B)
Opportunity of being heard Sec 274 - Yes

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