11 January 2012
hi, i m a individual, with salary income only, during 2008-09, 2009-10, my income was below tax limit. during 2010-11 my company deducted TDS Rs. 3000, i have not filed return for all three years, can i file this now??? is there any penalty for late filing?? this late filed return will useful for home loan etc..???
13 January 2012
fOR 08-09, AS RETURN IS BELOW LIMIT, LEGALLY IT CAN NOT BE SUBMITTED NOW. FOR fy 09-10 INCOME BEFORE DEDUCTION UNDER CHAPTER VI-A IS BELOW LIMIT, NO PENALTY ATTRACTS AND IT CAN BE SUBMITTED. fOR 10-11 RETURN CAN BE SUBMITTED BEFORE 31.03.2012, WITHOUT ATTRACTION OF PENALTY FOR LATE FILLING OF RETURN, EXCEPT LIABILITY OF INTEREST IF ANY SELF ASSESSMENT TAX IS PAYABLE. FOR OBTAINING LOAN IF INCOME IS BELOW LIMIT, UNDER THE CIRCUMSTANCES FORM 16 CAN BE SUBMITTED WITH FINANCIASL INSTITUTIONS FOR LOAN. .
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