29 November 2014
You can submit only for AY 2013-14 & AY 2014-15. Return of AY 2012-13 is now time barred. Return of AY 2013-14 can be filed subject to penalty u/s 271F. Penalty u/s 271F can be imposed by AO after giving assessee a reasonable opportunity of being heard. Maximum penalty u/s 271F is Rs 5000/-.
29 November 2014
As Mr. Sanjay Gupta has rightly to said that it not possible to file Return Income after one year from the end of the assessment year under section 139(5) But in case matter comes under scrutiny it will amount to be deemed escaped income and liable to penalty under section 271(1)(c).
However an option is available with Assessee want to disclosed Income voluntarily under section 273A.
In that case assessee has file his return of income along with payment and interest by registered post make a copy to Commission of income Tax. After receiving the time barred or invalid Return the assessing officer will issue issue notice under section 148. In that assessee will able file his Valid return of income.
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