returns not filed since 2003

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2010 please find below the status of my IT returns.
please advice what should i do?

FY 2003-2004 doing business in Rajasthan - had filed returns but lost record / had to move to mumbai due to business losses

no returns filed after 2003

FY 2004-2005 taken new pan no - employed in private proprietorship firm - no form 16

FY 2005-2006 employed in pub.ltd - have form 16

FY 2006-2007 employed in pub.ltd - have form 16

FY 2007-2008 partner in partnership firm

FY 2008-2009 provide professional service - have form 16 + partner in partnership firm - but no business

FY 2009-2010 provide professional service - have form 16

**have been making mediclaim / insurance / sip investments since last 3 years - for 80C

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

08 August 2010 Can file IT returns for assessment years 2009-10 and 2010-11 voluntarily now, if the total income exceede the maximum amount which is not chargeable to income tax. Consequently the returns prior to that cannot be filed and if receives notices then comply with the same. In that cases , if there is tax liabilty, you have to bear tax, interest and to face penalty proceedings. If penaly sustains, prosecution proceedings may also follow.

srinath

srinath (Expert)
Follow

08 August 2010 may be u can pay tax for all those previous years. but u cannot file the return

as pointed out by sir only for AY 2009-10 and 2010-11 u can

Upgrade to CAclubindia Pro. Subscribe Now!

mohinder kansal

mohinder kansal (Expert)
Follow

08 August 2010 if notice u/s 148 is issued in this case and assessee file tax return in response to that, then what penalty shall be imposed ? pl.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

08 August 2010 If there is taxable income and tax liability 271C attracts. 271F also may be faced.

mohit

mohit (Expert)
Follow

09 August 2010 You can file return voluntarily for the A.Y.2009-10 and 2010-11. Prior to this period filing of return is not possible.

Alternatively if you have received notice for these prior periods then you may file the return.