return filing

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CA Goush Abdulla (Querist)
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08 October 2009 plz guide me,
i want to file the return of 2007-08(p.y) relevant to the assessment year 2008-09, in the year 2009-10. can i file it if the return is of nil income, or if the return have some tax liability then how much the amount should be including interest.

Ratan Sharma

Ratan Sharma (Expert)
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10 October 2009 You can file the return for the P.Y.2007-08 on or before 31/3/2010. Yes you can file NIL tax return also.
How much interest will be payable will depend on your tax liability.
If the tax liability is below Rs. 5000/- then the interest @ 1% p.m. will be payable from the due date of return upto the month of filing of return. If tax liability exceeds Rs. 5000/- then interest u/s. 234(b0 & 234(c) will be applicable.