Filing of retrn after 31 july 2008?

Question

i am a salaried person and all my tax has been deducted at source for fy 07-08. i donot have to pay any tax further. but missed the deadline of 31.07.08 for filing return. do i need to pay any penalty and how do i file my return now. also for fy 06-07 i was working but as per form 16 no tax was deducted. so do i need to file a return for that year as well. if yes what is the penalty and how ?

Answer 1

for the Financial Year 2007-08 you can file before 31/03/2009 with out any penalty, If you file after 31/03/2009, you have to pay penalty of Rs. 5000/-. For the Financial Year 2006-07, you have to pay 5000/- penalty.

Answer 2

Hi,

I understand that you have missed your deadline for filing tax return. You can file your return before March 31st 2009 WITHOUT any penalty if you fulfill any one of the conditions:

Your income is below the taxable limit OR

Your income is tax-free (like agriculture income) OR

You have already paid your tax by deduction (Like TDS) OR

You have invested in such a way that you don't have to pay any more tax.

From the details in your question, I believe you have already paid your tax through TDS. So, without any penalty, you can file your return. However, if you have to pay any tax now, you will have to pay penal interest of 1% per month over and above tax.

Answer 3

As per my knowledge, you will not be fined or penalized for not filing the returns provided you have paid your taxes (eg. TDS). However if there is any tax liability then you are liable to pay interest and penalty.

The following paras answers your queries:

If I fail to furnish my return within the due date of filing, will I be fined or penalized?

Yes. This may take the form of interest if the return is not filed before the end of the assessment year. If the return is not filed even after the end of the assessment year, penalty may also be levied.

Can a return be filed after the due date?

Yes. It may be furnished at any time before the expiry of two years from the end of the financial year in which the income was earned. For example, in case of income earned during FY 2006-07, the belated return can be filed before 31st March 2009.

So far I have never paid any tax. If I file a return this year will the IT department ask me about my earlier years' income?

It is never too late to start honoring your constitutional obligations for payment of tax. The department may ask you to file return of income for earlier years if it finds that you had taxable income in those years.

Please refer to the FAQs on the incometaxindia site

Answer 4

visit http://www.paisawaisa.com/ to solve your doubts.  

Answer 5

If you have tax due, you will pay interest at 1% per month. If you do not owe any taxes, then you will not pay any penalty if you file. If you file after March 31, 2009, you will pay an additional Rs. 5000 penalty.

For information on your Income Tax return and to download the forms, go to http://mytaxes.in/index.php?topic=32.0.

If you want to file online, read http://mytaxes.in/index.php?topic=94.0