Previous year Income

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(Querist)
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17 December 2010 Mr.A is in receipt of monthly pension for the last 15 years.He was not aware that the pension is taxable and hence not file the IT returns.
Now he has started a business,and hence from the current year he wants to show the business income along with the current year pension income.

What has to be done regarding the previous year pension income.Can the return be filed now.or shall we ignore it.what is the solution available

Please help.

CA. R. B. SAH

CA. R. B. SAH (Expert)
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17 December 2010 It depends on the income of the previous year. You can file return for the A.Y. 2009-10 UPTO 31-03-2011 as belated return.
Also You can file return for A.Y.2010-11 upto 31-03-2011 without paying penalty of Rs.5000/- but you have to pay penalty of Rs.5000/- for A.Y.2009-10 if you file return now if it is required by law to file ROI U/S 139(1) or its Proviso.
In your case, 6 years or 4 years, as the case may be, assessment can be opened.