04 August 2010
Sir, I have one query regarding filing of return. i have not filed return from AY 2007-08 as income was below taxable but in AY 2008-09 i received professional fee and tds is deducted on it as the period for filing AY 2008-09 is lapsed. I calculated the income, tax liability is nil, so how can i claim the refund for that year. Whether there is any way. Thanks in advance
07 August 2010
Belated return may be filed within 1 year from the end of relevant assessment year (effetively within 2 years from the end of financial year). There may be a penalty of Rs 5000 in the case of belated filing after end of the assessment year. Belated Return can not be revised.
In the instant case, assessee has no option to file the return except after receipt of notice from the assessing officer. Then only probably he may file the return.