Late filing of income tax

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Kunal (Querist)
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23 March 2013 There was a deduction of Rs.40000 towards TDS from my family pension account for the FY2010-11.
This was deducted incorrectly by the bank.
Since then I have approached the bank and the Ombudsman and now I plan to file a late IT return to claim for the refund of TDS deducted by the bank.
My queries:
1) Do I need to file returns for FY2010-11 before 31.03.2013? Can it be filed after this date?
2) Would there be any penalty on the delayed filing of returns? (I have heard that this is at the discretion of the assessing officer)
3) In case of a belated return , how much time does it generally take for the refund to happen?
4) Is the procedure to file late returns same as that for normal return filing?

Thanks a lot.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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23 March 2013 Now you can file your IT return for F.Y 2010-11.

According to the section 139(4) a belated return can file upto to one year from the end of the relavent assessment year. So in your case F.Y 2010-11 and A.Y 2011-12 so due date to file your IT return is 31-3-2013 u/s 139(4) and you can claim refund also after this date you can't file your IT return for A.Y 2011-12 except in the case if you received any notice u/s 142(1).

Yes, now no penalty will be payable by you for late filing of return and it is in the discretion of the assessing officer but if you have any tax payable liability as self assessment tax then you have to pay Interest u/s 234A,234B & 234C as the case if applicable. So you case is refundable case so no self assessment tax payment liability so no interests applicable as per any sections prescribed above.

Refund process will not be effect due to the belated return. That means refund process will be depending on the work at the Assesscing officer or CPC(in case of efiling) Now generally it taking 3 to 4 months to complete and send refund by the CPC(in case of efiling). In case of manual filing we can't say because of it depending on the area Assessing officer.

Yes, the procedure to file belated return is same as normal return filing except the section of filing i.e you have to select "return filing u/s 139(4)" instead of section 139(1) while filing of return.

OM SAI SRI SAI JAI JAI SAI

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PALASH

PALASH (Expert)
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23 March 2013 Dear Kunal,

First of all , I would like to say that " don't worry , & can u imagine that I got refund orders ( intimation u/s 143(1) ) more than 25 refund cases ( f.y 2010-2011 ) during last 3 to 4 months without imposing any penalty BY CPC Bangalore & most of the above clients related to Commission agents & Yes, I agree , that a penalty can be imposed of rs 5000/ , but it is subject to the discretion of the assessing officer & It would have been possible only when CPC BANGALORE transfer your soft copy to the Local Jurisdiction Officer mentioned in Intimation order 143(1).
1) First without wasting any time ,Immediate file YOUR IT RETURN FOR F.Y 2010-2011 THROUGH E-FILLING.
2) Before filing first you check 26AS FOR F.Y 2010-2011 & FILED YOUR RETURN WITH EXACT AMOUNT OF TDS AS SHOWN IN 26AS, OTHERWISE IF THERE IS ANY MISMATCH , THEN YOU MAY BE IN A BIG TROUBLE.
3)Sign on it ( with blue dot pen only ).
4) then after send the Signed ITR-V to CPC Bangalore WITH SPEED POST & Don't mention ---> " Post Bag No. 1" in case of speed post.
& WAITING FOR INTIMATION ORDER.
Thanking You,
PALASH RAKSHIT.

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