Janaki (Account Assistant) (93 Points)
03 October 2013Hi..
One of my clients has 2 houses and he had not shown one house in the AY 2012-13. he had not filed the reurns also for that AY (2012-13)
He wants to show the house property now and then file the returns. Is it possible to show it now and file the returns?
plz suggest me...
Prashant Kini
(Article Assistant)
(154 Points)
Replied 03 October 2013
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 03 October 2013
Yes he can file return..
CA Pallav Singhania
(IT System Auditor)
(33362 Points)
Replied 03 October 2013
He can file his return of Income up to 31.3.2014..
However, He can't claim any loss arising there in..
AO may impose penalty of Rs. 5000...
Ramanuj
(Accountant.)
(834 Points)
Replied 04 October 2013
You can file return up to 31.3.2014. for A.Y. 2012-13 but not shown in loss & have any tax liability , paid with interest.
Thanks
Dintakurthi Tirumala
(CA FINAL)
(15994 Points)
Replied 04 October 2013
Yes, you can file return of income for A.Y 2012-13 upto 31-3-2014. As well if he has any self assessment tax payment liability then he required to pay interest u/s 234A,B and C if applicable.
But AO has a right to levy penalty of Rs.5,000/- for delay of return of income by more than one year from the end of the financial year. But at the time of filing of return of income you need not to pay any penalty if it is insisted by AO then you required to pay, because of it depending on the willing of the AO and you couldn't show penalty paid amount and details in return of income.
OM SAI SRI SAI JAI JAI SAI
CAclubindia
