Penalty for late filing individual it return -

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2012 hi, i m a individual, with salary income only, during 2008-09, 2009-10, my income was below tax limit. during 2010-11 my company deducted TDS Rs. 3000, i have not filed return for all three years, can i file this now??? is there any penalty for late filing?? this late filed return will useful for home loan etc..???

Anand Eriwal

Anand Eriwal (Expert)
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12 January 2012 Assuming that your tax payable was only Rs. 3000 during 2010-11, no penalty would be levied for late filing of return of income for 2010-11.

Since income was below taxable limit, no penalty would be levied even for 2008-09 and 2009-10.

In the late return you can claim all the exemptions and deductions except certain as specified in IT Act and except carry forward of business losses.

Home loan deduction can be claimed even if return of income is filed late.

In case you need assistance in filing the Return of income for these 3 years, you could contact me at anand_ca22@yahoo.com