tarandeep singh saluja (CA FINAL) (398 Points)
07 June 2011HEY FRIEND THERE IS A EMPLOYEE WHOSE PENSION IS11,500.00 pm he has not filled his return since 2006 and now that person had came to me to file the return of current A.Yr and last 2 A.Yr preceeding the A.Yr
can it be done????????
if yes will department will charge any penalty for the belated return pls tell me????????
praveen
(Chartered Accountant)
(6971 Points)
Replied 07 June 2011
No penalty if no tax is payable...
moreover the income tax department does not accept late returns through electronic filing.
and if you go to the ITD personally then i dont think they will accept if the income is lesser than the taxable limit.
Arvind Sharma
(ACA)
(1432 Points)
Replied 07 June 2011
You have time to file ROI for the following AY:-
AY 2011-2012 (ie for the FY which is just ended on 31-03-2011) without any int & penalty, upto 31st July 2011
AY 2010-2011 (is for the FY 2009-2010) - if tax payable is Nil - No Interest but there will be levy of penalty of Rs. 5000, upto 31st March, 2012. if there is tax liability, Int will be levied @ 1% pm or part thereof on amount of tax due from 3oth July till the end of month in which you are going to file ROI...
Arvind Sharma
(ACA)
(1432 Points)
Replied 07 June 2011
but why you need to file ROI...??
you dont have taxable income., so I will advice you to file only for CY... :)
Arvind Sharma
(ACA)
(1432 Points)
Replied 07 June 2011
I would like to modify my ans....
SInce you doesnt have tax liability, there will be no Penalty of Rs. 5000...
swapna
(student)
(77 Points)
Replied 07 June 2011
u can file the returns last 2 years if ur client not exceeds the maximum amount not chargeable to tax
for financial year 2008-09 & 2009-10 u can file within basic exemption
then u can file financial year 2010-11 as usual within due date
u can file previous returns in online also
tarandeep singh saluja
(CA FINAL)
(398 Points)
Replied 07 June 2011
RESPECTED ARVIND,
THAT CLIENT WANT TO TAKE A LOAN FROM THE BANK THATS WHY HE WANT TO FILE THE RETURN TO COMPLETE THE FORMALITY FOR THE LOAN
tarandeep singh saluja
(CA FINAL)
(398 Points)
Replied 07 June 2011
THANKS PRAVEEN , ARVIND & SWAPNA FOR HELPING ME OUT
amit jain
(Chartered Accountant)
(532 Points)
Replied 07 June 2011
you can file return only for current and previous year.. you may file online
Arvind Sharma
(ACA)
(1432 Points)
Replied 08 June 2011
| Originally posted by : tarandeep singh saluja | ||
 |
RESPECTED ARVIND, THAT CLIENT WANT TO TAKE A LOAN FROM THE BANK THATS WHY HE WANT TO FILE THE RETURN TO COMPLETE THE FORMALITY FOR THE LOAN |
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will you please tell me how and under which provision you will file ROI for PY 2008-2009...????
CAclubindia
