I T Return

Guest (Querist) 10 July 2009 This query is : Resolved
What is the last date for filing IT Return for assessment year 2009-2010 for individuals.
Is there any extention of the last date?

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A V Vishal (Expert) 10 July 2009
Dear Jewel

The last date for filing IT returns for individuals for A Y 2009-10 is 31st July 2009, however in case of Tax audits viz persons requiring audit u.s 44AB the time is upto 30 sept 2009. There is no extension of time.

Guest (Querist) 10 July 2009
Thanks Vishal for your answer..
One of my senior told me every year the last date is extended till september..
Is it correct?

Guest (Querist) 10 July 2009
..

A V Vishal (Expert) 10 July 2009
No, only in exceptional circumstances the last dates are extended but this year there is no extension, however, since extension is a administrative matter, CBDT can extend the same even in the proverbial 11th hour.

Guest (Querist) 11 July 2009
if a person(individual) Net income below 15000 from business... wants to file return after last date what is the penalty amount?

A V Vishal (Expert) 11 July 2009
What is the Total income, u r query speaks abt business income are there any other sources, if the return is not filed within time the the penalty is Rs 5000 u/s. 271F

Guest (Querist) 11 July 2009
Net income total income less than 1.5 lac. no other income..Filing return is optional...in such case?

A V Vishal (Expert) 11 July 2009
If gross income is less than 1.5 lacs then it is optional however, if the net income is less than 1.5 after giving eligible deductions then it is mandatory to file a return.

Example: If the assessee has a gross income of say 2.00 lacs and the net income after deductions u/s. 80C, 80D etc... is less than 1.5 lacs, the assessee still needs to file his return. However, if his gross income is less than 1.5 lacs before giving deductions u/s. 80C etc..., then it is not mandatory to file his return of income.