@chanchal (CA final student) (55 Points)
17 December 2009if an individual assesse has not filed his return from AY.2006-07...
his tax liablity was nil in AY 06-07,AY 07-08,AY 08-09...
so tell me frnds whether he can file his returns for the earlier years wht are the procedure for that and whether there is any panlty charged to such assesse if yes then how many ...
plss reply
thanx in advance
Sripada M
(CA)
(365 Points)
Replied 17 December 2009
According to Sec 139(4),
If return is not filed within the due date mentioned in Sec 139(1), you can file the belated return within one year from the end of relevant assessment year.
The consequeces of Belated return are:
1. Penal interest u/s 234A
2. Penalty of Rs.5000 may be imposed u/s 271F
3. Losses cannot be carry forwarded
4. Exemption u/s 10A, 10B deductions cannot be claimed, etc
Hence, in your question, you can file the belated return only for the AY 2008-09 in FY 2009-10.
himanshu
(article clerk)
(26 Points)
Replied 18 December 2009
Assessee can file return of income for the A.Y. 2008-09 in the Financial Year 2009-10.
Now if the Income Of Individual Assessee not exceeding, maximum amount charged to tax than he can file the return of income of Previous Assessment Years as well,Section 271F said that if Assessee is required to file return of income U/s 139(1) and Not Submitted before the end of relevant assessment Year than Assessing Officer MAY impose penalty of Rs. 5000.
So in your case if assessee is filing return of income below taxable limit,than he can file belated return for the A.Y. 08-09 and 09-10
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