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Failed to file for 5years

Prabakar (Partner) (32 Points)

26 April 2009

I have not filed my induvidual returns for past 5 years . Can I now file my induvidual returns.?

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16 Replies

CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 26 April 2009

^ is dere any tax liability on u?

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Prabakar (Partner) (32 Points)
Replied 26 April 2009

No .

chintan mehta (Chartered Accountant) (445 Points)
Replied 26 April 2009

yes u can file the returns...

BALASUBRAMANYA B N (CCI STUDENT....) (44679 Points)
Replied 26 April 2009

IF DONT HAVE TAX LIABLITY THEN NO NEED TO FILE RETURNS AND THEY WILL NOT ACCEPT NIL RETURNS..,,AND YOU CAN FILE FOR 2 YEARS, CANT FILE FOR 5YEARS..THEY WILL ACCEPT FY2007-08 AND 2008-09.....

shailesh agarwal (professional accountant) (7642 Points)
Replied 26 April 2009

balu is right

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CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 26 April 2009

yes Mr. Balasubramaniya is rite !

but i doubt will they accept return for assessment yr - 2007-08 now coz the date of filing late returns of assessment year 2008-09 was 31 mar 09 !

plz clarify this doubt!

BALASUBRAMANYA B N (CCI STUDENT....) (44679 Points)
Replied 26 April 2009

THEY WILL TAKE FY 2007-08 AND FY 2008-09,,,,, THEY WILL NOT ACCPT AY 2007-08 ONLY 2 YEARS RETURNS THEY WILL ACCEPT...

vijay (.) (212 Points)
Replied 27 April 2009

Mr. Parbhakar,

You can file the return of FY 2007-2008,and FY 2008-2009 as Mr. Balu has told you. But for filing return of Financial year 2007-2008 you have to pay a penalty of Rs. 5000 under Sction 271 F of the income Tax Act, 1961 as the last date of filing return for FY 2007-2008 was 31st MArch 2009.

Hope you will find this information useful.

Regards,

Vijay Kumar

CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 27 April 2009

mr bala they'll accept for FY 2008-09 no doubt about it coz it is due in july 2009 !

BALASUBRAMANYA B N (CCI STUDENT....) (44679 Points)
Replied 27 April 2009

YA I KNOW BUT TOLD, THEY WILL ACCEPT 2 YEARS RETURNS, NOW THEY WILL ACCEPT FY 2007-08 AND 2008-09 STILL MARC 2010..NEXT THEY WILL TAKE FY 2008-09 AND 2009-10 LIKE THAT EVERY TIME 2 YEARS RETURNS THEY WILL ACCEPT...

HELLO

VIJAY

THERE IS KNOW PENALTY FOR FY2007-08, THEY WILL ACCEPT 2 YEARS RETURNS.BUT FOR AY 2007-08 YOU HAVE TO PAY PENALTY....

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Rupesh Jha (M.Com CA PhD* and MBA*) (1116 Points)
Replied 09 May 2009

An assessee who is required to file a Return of Income for a Assessment Year under the provisions of Income Tax Act, if fails to do so till One Year from the end of the relevant Assessment Year, he shall be liable to a fixed penalty of Rs. 5,000/- being imposed by the Assessing Officer.That's mean u can file last 3 year's IT Reurn.It may or may nor be possible Rs. 5000/- panelty imposed on you by Assessing officer.

PRANAV MISHRA (CA Final student) (573 Points)
Replied 09 May 2009

Hi Rupesh

I wish to know under what section can an individual file last 3 years return.As per my knowledge U/s 139(4) if a person fails to file return on or before the due date specified in sec 139(1) he can do so at any time before the expiry of 1 year from the end of the relevant assessment year so as per my cal culations one can at most file return for 2years ie the current Assessment year and previous AY

Please clarify

Rupesh Jha (M.Com CA PhD* and MBA*) (1116 Points)
Replied 09 May 2009

Hi,Pranav i mean to say we can file IT return for more than two year by paying panelty Rs.5000/- each year.

PRANAV MISHRA (CA Final student) (573 Points)
Replied 10 May 2009

My dear Rupesh an individual cannot suo motu pay penalty to be eligible to file return.Its the AO who may levy the penalty for not filing return.Penalty never grants right to file a return unless and until a notice is served upon the individual U/S142(1).