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Late filling of ITR

Gaurav Gupta (Manager - Account & Finance) (446 Points)

02 December 2011

I get my from 16 in the month of august 2011 and my tds is deducted by my company in last financial year, but i not able to file ITR till date, due to this i have to interest on not filling ITR if yes then at what per cent age and on what basic. please guide me.

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5 Replies

amit jain (Chartered Accountant) (532 Points)
Replied 02 December 2011

as your tax is already deducted you are not liable to any interest you may file your return

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pradip sharma (Manager - Commercial) (22 Points)
Replied 02 December 2011

Originally posted by : amit jain
	as your tax is already deducted you are not liable to any interest you may file your return

Please guide:

I worked for 2 companies in FY11, first one deducted TDS and as I didnt disclose my earlier income to my second company, it didnt deduct TDS. Now as I plan to e-file my return,

1) Is it possible to file return based on income from first company only; is income from second company traceable?

2) If I wish to add income from 2nd company too, how to pay extra tax liability?

Thanks!

Pradip Sharma

Bhavin Bhadra (Job) (174 Points)
Replied 02 December 2011

If you wish to add income from 2nd company then additional tax liability you can pay by self assessment tax challan.

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Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 02 December 2011

You can of course not declare income from 2nd employer to reduce tax liability. But that woudl be tax evasion not really ethical.

I don't envisage it will be traceable. But your return will be weak in the sense that if you opt for a home loan etc you will cut a sorry figure.

Regards,

pradip sharma (Manager - Commercial) (22 Points)
Replied 02 December 2011

Thanks Dipjyoti

Actually for the same reason now, I am going to pay self assessment tax first; I have got the link for paying self assessment tax. I hope IT dpt is not bothered for proof of additional income that I will show