Missed out Tax Payment/Returns

Querist : Anonymous (Querist) 29 July 2010 This query is : Resolved
I am a retired semi govt.servant since Spt.2007. There was a regular TDS and I used to file returns, till I retired. However my income in the retiring year FY 07-08 did not exceed taxable limit.The pension was delayed in was paid in FY 08-09 anelow taxable income. However, the Retirments Funds invested matured in FY 09-10 and my income became taxable. I did not file returns for all these years, nor TDS was deducted. I want to pay tax with whatever penalty and to file returns. How to go about ? Pl. guide.

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Raj Kumar Makkad (Expert) 29 July 2010
You may file your return up to 2 years without any penalty.

s.subramanian (Expert) 29 July 2010
i agree with makkad.

A V Vishal (Expert) 29 July 2010
For the arrears of pension receivable for FY 2007-08 but received in FY 2008-09, you can claim relief u/s.89 of the income tax act, further the retirement benefits received by you are exempted from tax,however, any income like interest accrued or received on investing this amount in FDR's etc... will be the income for the year in which such income has arisen or received. You can file your return of income now declaring the income. Please note that returns for 2007-08 cannot be filed now since it is barred by time, however you can file the returns for F.Y's: 2008-09 & 2009-2010

soumitra basu (Expert) 01 August 2010
I do agree with Mr. Vishal. But there is a scope of initiation of penalty under section 271F for the financial year 2008-09. Though no penalty is automatic.

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