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It return

Unicorn (Business) (154 Points)

10 April 2013

I am a NRI. I have never filed Return of Income in India so far.

Can I file my return for the last 3 years now?

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8 Replies

Harish (CA Student) (568 Points)
Replied 10 April 2013

ITR Filed after due date will fall under "Belated Returns category" as per section 139(4) and same can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier. However Belated returns cannot be revised u/s 139 (5).

In your case, AY 2012-13 and AY 2013-14(Once ITR Forms released) can be filed now.

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Vishal (Student) (154 Points)
Replied 10 April 2013

If you are an NRI, you would have to file your income tax returns for 2012-2013 if you fulfill either of these conditions:

--> Your taxable income in India during the year 2012-2013 was above the basic exemption limit of Rs 2 lakh OR

--> You have earned short-term or long-term capital gains from sale of certain investments and assets, even if the gains are less than the basic exemption limit.

"What this means is that firstly, NRIs do not get the benefit of differential exemption limits on basis of age or gender that is available to Resident Indians. Secondly, for NRIs, certain short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capital gains on securities and assets where tax rate is either 20% or 10% without indexation.

There is an exception: If your taxable income consisted only of investment income (interest) and/or capital gains income and if tax has been deducted at source from such income, you do not have to file your tax returns.

e-Filing Income Tax software

PMA Nooruddin (M.Com, Finance Manager) (422 Points)
Replied 10 April 2013

For FY 10-11 You Cant File

For FY 11-12 You had time till 31-03-2013

For FY 12-13 You have time till 31.07.2013 and we all are awaiting for new Form from IT to file this years Returns....

Unicorn (Business) (154 Points)
Replied 11 April 2013

I "had" time till 31.03.13, for FY 11-12 / Ay 12-13?? Which means I can only file for AY13-14 now? No other AY?

Harish (CA Student) (568 Points)
Replied 12 April 2013

Now you can file AY 2012-13 and AY 2013-14. In case of AY 2013-14, No ITR Forms has been released as of now. Once they are released, you can file your ITR.

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PMA Nooruddin (M.Com, Finance Manager) (422 Points)
Replied 12 April 2013

@ Hrish @

IT had recently released a circular that, those who didnt File for AY 2012-2013 could do that till 31.12.2013, usually the filing of Returns is 31st July of every year..

this means for Ay 2012-2013 due date was 31.07.2012 and due to Power Failure in North India it was Extended till 31.08.2012, and in March 2013 IT issued circular for extension till 31st March 2013........

Harish (CA Student) (568 Points)
Replied 12 April 2013

@ Noorudin

Since Unicorn has not filed the Returns within due date for AY 2012-13. Now he can file the Belated returns before the expiry of one year from the relevant assessment year or before commencement of assessment. That means, Mr. Unicorn can file Ay 2012-13 returns as Belated returns on or before 31/3/2014 as per section 139(4).

Correct me If I am wrong.

PMA Nooruddin

Read more at: /forum/details.asp?mod_id=245850&offset=1#.UWeSBkr4WSo

PMA Nooruddin (M.Com, Finance Manager) (422 Points)
Replied 12 April 2013

@ Harish

For Fy 2011-2012 "Unicorn" had to file his returns till end of AY 2012-2013, please see the clause below:

now you are partly correct as well, he can file his returns for AY 2012-2013 but "Unicorn" has to pay Penalty of Rs.5000-(and that is also his (AO) power which he may or may not exercise after giving due hearing to the assessee)