Submission of ITR

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2010 I am a Resident Individual having Income from Salary and income on sale of shares.
For the AY 10-11, i have a taxable liability of Rs.3100 which has been paid through Bank. Am i still require to submit the ITR2 by 31st July 2010 or it can be submitted to the IT dept. after 31st July 2010 also?

Please clarify.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 July 2010 last date of filing regular return u/s 139(1) is 31.07.2010. You can file belated return u/s 139(4) till 31.03.2011.

But keep in mind you cant revise belated return filed u/s 139(4). Also if you have any unabsorbed loss you can not carry forward the same if return is not filed within 31.07.2010.

CA.Pujah

CA.Pujah (Expert)
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12 July 2010 Though Tax has been deposited by you, or deducted as TDS, income tax return is to be filed, if your total income exceeds the maximum amount not chargeable to tax.

So, better file it in time otherwise belated return will have consequences as explained by Sh. Sanjay

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Akhil Agrawal

Akhil Agrawal (Expert)
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12 July 2010 But Can experts can explain me that whether in his case 234A will be levied if he files after 31 July 2010. Take The case Of Mr Prannab Roy in consideration as decided in delhi High Court

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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13 July 2010 If there is no tax liability or tax liability has already been paid, there is no question of interest on 234A of the Income Tax Act.

Akhil Agrawal

Akhil Agrawal (Expert)
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13 July 2010 Well mr. Sunil, then u say that the case of Mr. Prannab Roy gets applied. But about a month ago i attended to a seminar of Mr. Girish Ahuja(a renowned Tax Advisor in delhi) & he said that in case tax liability has been paid b4 due date then also 234A will be applied.