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Simple Question?

A____ __A (Student All-ways) (275 Points)

11 March 2010

Hi,

can i file ITR 4 of F.Y.: 07-08 and F.Y: 08-09 now ?

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17 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 11 March 2010

Yes you can file for both the years. However the last date for filing return for F. Y. 2007 - 08 is 31.03.2010 and for F. Y. 2008 - 09 is 31.03.2011. So please file before that date.

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C.Balaji (Learner) (1867 Points)
Replied 11 March 2010

Yes.....

Agree with Aditya sir......

Return for A.Y. 2008-09 - should be filed before 31.03.2010 as belated return........

Belated Return sholuld be filed before one year from the end of relevant A.Y.....

For A.Y. 09-10 - 31.03.2011 is the last date.....

Always file the return before the respective due dates.....

A____ __A (Student All-ways) (275 Points)
Replied 12 March 2010

Thanks.Really appreciate both.Aditya Sir & C.Balaji.

vijay singla (learner) (340 Points)
Replied 12 March 2010

it can attract penality u/s 271f for rs 5000 for filing the return after the end of ralevent AY

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 12 March 2010

Hi vijay, its only when someone has tax liability... If the returns are with nil tax liability, there will be no penalty...

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Bidyadhar Buxi (Accountant) (41 Points)
Replied 12 March 2010

Yes you can file for both the years. However the last date for filing return for F. Y. 2007 - 08 is 31.03.2010 and for F. Y. 2008 - 09 is 31.03.2011. So please file before that date.

Posted By Mr. Aditya Maheshwari

Yes.....

Agree with Aditya sir......

Return for A.Y. 2008-09 - should be filed before 31.03.2010 as belated return........

Belated Return sholuld be filed before one year from the end of relevant A.Y.....

For A.Y. 09-10 - 31.03.2011 is the last date.....

Always file the return before the respective due dates.....

Posted By Mr. C Balaji

Dear Sirs.. I request you to recheck the answers given by you...

F.Y.2007-08 is A.Y. 2008-09 and the returns pertaining to this should be submitted before 31st July 2008 but with a simple interest it should be filed before 31st March 2009. After that penalty u/s 271 is applicable, if taxable Return.

F.Y.2008-09 is A.Y. 2009-10 and the returns pertaining to this should be submitted before 31st July 2009 but with a simple interest it should be filed before 31st March 2010. After that penalty u/s 271 is applicable, if taxable Return.

Thanks..

Bidyadhar Buxi

nikhil (CA) (77 Points)
Replied 12 March 2010

As per section 139(4) belated return can be filed within one year from the end of the relevant assesment year.

therefore for F.Y.-2007-08 A.Y is 2008-09 and hence return can be filed upto 31.03.2010 and for F.Y. 2008-09 A.Y. is 2009-10 and hence return can be filed upto 31.03.2011

Murli (Learner) (117 Points)
Replied 12 March 2010

Are u sure tht no penalty u/s 271is attracted if the tax liabilty is NIL???

Bala (Student) (498 Points)
Replied 12 March 2010

Return of income.

139.[(1) Every person,

(a) being a company[or a firm]; or

(b) being a person other than a company[or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

[Penalty for failure to furnish return of income.

271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]

From this it can be said that an individual whose total income before claiming deduction under Chapter VI-A exceeds the basic exemtion limit fails to file the return within 1 yr from the end of the relevant AY , then penalty u/s 271F can be imposed..

A____ __A (Student All-ways) (275 Points)
Replied 13 March 2010

My god. I am confuse now.I thought it's a simple Question.

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Bidyadhar Buxi (Accountant) (41 Points)
Replied 13 March 2010

Dear Balakrishna,

In your showcased article U/s 271F, its clearly mentioned that "fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.] "

before the end of the relevant assessment year,
means if assessment year is 2008-09, it ends on 31st march 2009 and after that this section applies. so the last date should be 31st march 2009 for F.Y. 2007-08 and not 2010. and for F.Y.2008-09/A.Y.2009-10, last date is 31st March 2010. Before can not be after......

Thanks....

Bidyadhar Buxi (Accountant) (41 Points)
Replied 13 March 2010

Originally posted by : nikhil
	As per section 139(4) belated return can be filed within one year from the end of the relevant assesment year. therefore for F.Y.-2007-08 A.Y is 2008-09 and hence return can be filed upto 31.03.2010 and for F.Y. 2008-09 A.Y. is 2009-10 and hence return can be filed upto 31.03.2011

Yes Mr. Nikhil .... its the Belated Return can be filed only in response to the notice U/s 142(1)(i) but with interest U/s 234 and Penalty U/s 271F.

Thanks....

Bala (Student) (498 Points)
Replied 13 March 2010

Bidhyadhar Sir,

Earlier one friend asked whether no penalty will be levied if there is no tax liability., for that i gave the post.

Im clear about what say you regarding the term :before the end of the relevant AY" and i dont deny it sir.,

But i further want to add that even when there is no tax liability, and the total income before giving effect to Chapter VI-A deductions exceeds the basic exemption limit,if the return is not filed before the end of the relevant AY., penalty u/s 271F is attracted.,

In simple terms, those who are required to file their

Please share your views regarding this sir.,