Delayed filing returns
James
(Querist) 04 March 2010
This query is : Resolved
Hello Experts,,
Plz suggest me regarding two queries:-
1) My income is taxable since the last three years.But I had not filled returns Although TDS were deducted on most occasions but not all.
So if I file my return now will I have to pay any penalty?If yes, then at what rate & is there any way to avoid that??
2)I'm salaried employee & So as I know I can get an exemption upto 1.6L & another 1L for investments.Now is there any other means by which I can get exemption on income above that(considering all my income is from salary only).
Kumar Thadhani
(Expert) 04 March 2010
First of all you cannot your returns for last three years.For the Assessment year 2007-08 for which filing returns are a;ready being time-barred by limitation under the INCOME-TAX ACT. for the another two yearsi.e.A.Y. 2008-09 and A.Y.2009-10 You can very well file your returns and that claims deductions & exemptioms if any and pay taxes thereon.FOR the A.Y, 2007-08 only after prior issue of notice u/s 148 from the IT Department stating that income has escaped the assessment for that A.Y. 2007-08.
James
(Querist) 04 March 2010
Thanx for your reply.
As I understand from it that I can still file a return after IT dept issue notice u/s 148.
But any views on the second point??
regards
Vineet
(Expert) 05 March 2010
Mr James,
If you had taxable income and chose not to file return of income, all the penalty and prosecution provisions are applicable in your case.
Hence it is suggested that you file return for AY 2007-08 also (though the same is barred by time). The AO may regularise the same by issuing a notice u/s 148 and treat the return filed by you as the compliance. Still you do not escape the provisions of penalty but your voluntary act of filing return before any detection by the department will go in your favour.
James
(Querist) 09 March 2010
Thanx all for your suggestion.I'll be filling the returns anyways this time.
But one of question is yet unanswered, i.e
I'm salaried male employee & So as I know I can get an exemption upto 1.6L & another 1L for investments.Now is there any other means by which I can get exemption on income above that(considering all my income is from salary only).
Can sm1 help on this plz??
soumitra basu
(Expert) 02 April 2010
you can get the following exemption:
1. Medical Insurance
2. Donation
3. Payment to Political Party
