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Gane (a)     31 January 2014

It returns

Hello Sir


I missed out on filing my tax returns due to personal exigencies for the last 4 years... would it be possible for me to file it now? Also for how long back.. will the IT dept. accept the filing of returns (albeit with penalty)...

 

Thanks

Gane



Learning

 7 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     01 February 2014

 Filing of return is compulsory if the taxable income exceeds the basic exemption limit even  if the tax payable is nil or refundable.

Udaya Shankar. C (Retired)     01 February 2014

Yes, you can file the returns of past  years with penalty and interest on tax payable for each year till the date of filing. Attach a detailed covering note explaining the reasons and request to condone the delay. However irrespective of this  penalty and interest on tax payable.

Gane (a)     02 February 2014

Sir.. for how long back can I file my IT returns... iam okay to pay penalty too if it arises

Udaya Shankar. C (Retired)     02 February 2014

You will have to pay penalty if you have not filed returns before  march 31st of next financial year. Since your case is that you will have to file past years also I think Rs.5,000/- for one year. However please consult

Aaykar sampark kendra and complete the filing work.

Gane (a)     03 February 2014

Can I file together for the last 4 years... or will I be having to face legal actions for non-filing. I am ready to file now with penalties. Please advice.

Udaya Shankar. C (Retired)     04 February 2014

You can file all the past years returns now and attach challans (separately) for tax as well as penalty.

If you file voluntarily now  you need not face any legal action from department.

CA Archana Yadav (FCA)     13 February 2014

File it asap, before u get the notice. You can file the returns with interest and call for condonation of penalty citing genuine reasons for non-filing. 


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