Income Tax Return A.Y.2009-10
hussain
(Querist) 29 July 2010
This query is : Resolved
sir
My client as not filed return for the financial year 2008-09 upto till date and my client wants to file return now its possible to file now and there is no tax liabilty and T.D.S as been deducted from L.I.C.Please sugges me so that i can file.
A V Vishal
(Expert) 29 July 2010
Yes, you can file the ROI now , however, the same will be treated as a belated return and cannot be revised in future. Your client will be liable to pay interest under 234A for the belated return and penalty u/s.271F can be imposed.
AMIT BAJAJ ADVOCATE
(Expert) 29 July 2010
Yes u can file the return now. If the income is below exempted limit then penalty u/s 271F is not attracted in case of belated return
s.subramanian
(Expert) 29 July 2010
yes. you can file the return now.
Kumar Thadhani
(Expert) 29 July 2010
Yes can very well file ROI for Asst. Year 2008-09 no action will be taken by your Assessing Officer only if the Income from Commission exceeds 1 lac in your case. I t is Income-Tax Deptt. can only issue notice u/s 148 for reassesment of your Income.
AMIT BAJAJ ADVOCATE
(Expert) 29 July 2010
The ROI of Asst. year 2008-09 cannot be filed now only of A.Ys. 2009-10 and 2010-11 can be filed. ROI of A.Y has become time barred now unless notice u/s 142(1) is issued for filing the return
A V Vishal
(Expert) 30 July 2010
Mr Amit,
Please note that the querist is asking to file the return of income for F Y 2008-09 which is relevant to A Y 2009-10. I think you have misunderstood it as A Y 2008-09.
AMIT BAJAJ ADVOCATE
(Expert) 30 July 2010
HI Mr.. VISHAL
I made it clear about A.Y 2008-09 coz i see one of the expert above has made the following comments:
"Yes can very well file ROI for Asst. Year 2008-09 no action will be taken by your Assessing Officer only if the Income from Commission exceeds 1 lac in your case. I t is Income-Tax Deptt. can only issue notice u/s 148 for reassesment of your Income."
A V Vishal
(Expert) 30 July 2010
OK, I thought you were replying the main query Amit.
soumitra basu
(Expert) 01 August 2010
Respected Mr. Vishal,
I have a doubt regarding charging interest under section 234A. If the tax payble is covered by the TDS from LIC, i think, no interest is leviable.
AMIT BAJAJ ADVOCATE
(Expert) 01 August 2010
Yes if the taxable income is covered by T.D.S no intt u/s 234A will be levied.
A V Vishal
(Expert) 01 August 2010
234A is for delayed filing of return. The Section states
"234A. (1) Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of one and one-fourth per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,—
(a) where the return is furnished after the due date, ending on the date of furnishing of the return; or
(b) where no return has been furnished, ending on the date of completion of the assessment under section 144,
[on the amount of the tax on the total income as determined under sub-section (1) of section 143, and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of,—
(i) advance tax, if any, paid;
(ii) any tax deducted or collected at source;............."
The section clearly states that the interest is leviable on the tax payable as reduced by advance tax TDS etc... hence no interest is leviable on the amount of TDS already deducted
