ITR for A/Y 2009-10

This query is : Resolved

Mahesh Bansal (Querist)
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01 February 2010 Hi All,

I want to file a return for F/Y 2008-09. Its of professional services with TDS of Rs. 15000/- and total income of Rs. 150000/- only.
I know there is penalty of Rs 5000/-.
My query is:
1. Any other intt or penalty?
2. Do i have to pay the interest saperately or it will be adjusted from refund? Also if to be paid, manner & form for payment?

Regards

Mahesh C. Bansal

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 February 2010 For F. Y. 2008 - 09 if return is not filed upto 31.03.2010 then only penalty can be levied not otherwise. So even if the return is filed before 31.03.2010 no penalty u/s 271F.

So file immediately.

Interest will be payable only if there is any taxes payable. Since you are having refund no interest also payable.

A win win situation for u.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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01 February 2010 good reply. you don't need to pay any penalty even if your return is still pending. but if you have not filled your return before 31.03.2010 then penalty can be levied in case of taxable income.. if your filed your early your refund will also come faster.. so don't hesitate. confidentially filed your return.. ok

any problem then raised your que. again..
don't worry.

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BALASUBRAMANYA B N

BALASUBRAMANYA B N

(Expert)
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01 February 2010 Fy 2008-09 can file upto 2011 march, 2 years can file the returns from 2009. still then no need to pay penalty only should pay interest.

Mahesh Bansal

Mahesh Bansal (Querist)
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01 February 2010 Thanks a lot for your valuable advice.

I wish to ask 1 more thing.
If i file the ITR for F/Y 2007-08 now (before 31.03.2010), wat will be the liabilities/penalties/interest (if any) when:
1. Tax Payable
2. Refund.

BALASUBRAMANYA B N

BALASUBRAMANYA B N

(Expert)
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03 February 2010 If tax payable then you have to add interest on tax liabilities, if in the refund case nothing to add anything just file as it is....