15 August 2012
In case someone had not filed his Income Tax Return for the financial year ended on 31st March, 2011 till 31st July, 2011, still the same can be filled upto 31st March, 2012.
However individual may be required to pay Interest at the rate of 1% p.m.
Further, in case someone have still missed to file your Income Tax Return by 31st March, 2012, he/she can still file the same till 31st March 2012, beyond which the return will become time barred and the person would not be able to file the same.
Assessing Officer may require to pay penalty up to Rs.10,000 for late filing of Income Tax Return.
If I file my return online on 18th Fab,2012 (Volentery after due date). My TDS deducted is more then My Tax Payble (refund Due) for Assessment Year 2011-12.
But my ITR-V was received by department after 120 days.
So, can I revise that return in Aug.2012 (Since period is already closed)and Does I have to pay any Penalty in that Case.
CAclubindia
