Non filing of IT Returns for consecutive 3 yrs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2010 Sir/Madam

I have a client who has a business in his individual capacity.

He has not submitted any IT return for last 3
financial years i.e 2007-08, 2008-09, 2009-10.

He is not liable for Tax Audit for any of the said years neither before that.

What all consequences he will have to suffer now?

and what are the ways out for the same?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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13 August 2010 U can still file now for F. Y. 2008 - 09 & F. Y. 2009 - 10. So only one year will be missed out.

File ereturn for both the years.

Also tell him to atleast pay taxes for F. Y. 2007 - 08 if due but not file the return as the same is time barred. If any notice will be received from the department for no filing then atleast the taxes would have been paid. So that is the maximum that the department could do first is to ask him to file his return and pay taxes.

So if taxes are already paid atleast interest from the date of payment will be saved.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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13 August 2010 agreed with aditya ji.

YOu can file FY 2008-09 till 31March 2011 with penalty of Rs.5000/-
YOu can file FY 2009-10 return till 31st March2011 without penatly and upto 31st March 2012 with penalty.

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mohinder kansal

mohinder kansal (Expert)
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14 August 2010 retunr for 2 years can be filed now. penalty for filing return after end of AY can be initiated foe FY 2008-09. In my opinion, nothing should be done for the financial year should be done. if any notice is recd. from the deptt. then appropriate decisio should be taken. income for that yr. might be below taxable limit.