OUR BOOKS

16 personal finance principles every investor should know how to be your own financial planner in 10 steps 11 principles to achieve financial freedom

How to Miss your Income Tax Returns (ITR) Deadline

by Manish Chauhan · 452 comments

Did you miss your deadline for filing the tax return by 31st July? Most of us pay the taxes before the deadline of 31st Mar, but when it comes to filing the return we are lazy people and many times we make mistakes in hurry. However very less people know that even if you have missed the deadline to file your Income Tax Returns, there is no need to panic, as when it comes to filing of your income tax returns, tax laws are not so stringent. In this article, tax implication will be explained considering all the scenarios. You being a salaried person may have missed the filing of your tax returns if you have an income on which all the taxes have been deducted or have been deposited by way of advance tax, no need to panic. There should be no additional penalty or interest for not filing the return by July 31, 2009, provided you act now. You still have the time to file your return of income for the assessment year 2009-10 till March 31-2011.
See the basics of how tax is calculated.

Rules

  • However, persons who have any Business or Capital loss to be carried forward may have a cause to worry as the said loss would not be allowed to be carried forward to next year if the return of income is not filed before the due date.
  • If you still have any outstanding taxes to be paid (after deducting TDS and Advance taxes paid, if any) you would be liable to pay simple interest @ 1% per month or part of the month, on the tax payable commencing from the date following the due date till the date of filing the return.

 

Some Basics

  • TDS: TDS is tax deducted at Source, Generally Employers deduct our taxes in advance and pay to govt in advance. TDS in detail
  • Previous Year: Previous Year means the year when we earn Income.
  • Assessment Year: Assessment year is the year when we actually pay tax for the income earned for previous year.
  • Example: So if we earn income in year Apr-2008 to Mar-2009,  2008-09 is our Previous Year and 2009-10 is our assessment year.

In case you have still not planned your taxes, here is a small guide for quick tax planning.

[ad#big-banner]

The Implications of not filing the income tax return on time and the steps to correct the situation

Scenario 1#  You do not have outstanding tax liability

In case you have already paid your taxes before 31 March, 2009, but could not file the return within the due date, you may file a return at any time before the end of one year from the relevant assessment year, simply put; for the financial year 2008-09 return can be filed at any time before 31st March 2011, however you may invite a tax penalty of Rs 5,000 u/s 271F of income tax act even if all your taxes have been paid if the same return is furnished after 31st March, 2010.

Scenario 2#  You do have some Outstanding Tax liability

If you do need to pay any balance tax, there is some financial implication. The basic principle remains the same: The income tax return for a given assessment year can be filed any time till the end of that assessment year without any penalty. If it is filed after the end of the assessment year, there may be a lump-sum penalty of Rs. 5,000. On top of this, there is a penalty of 1% per month on the net tax payable u/s 234A.

Example:

Say, your income tax liability for the year is Rs. 40,000. You have TDS (Tax Deducted at Source) of Rs. 20,000, and you have paid an advance tax of Rs. 6,000. Thus, the remaining tax payable by you is:

Net Tax Payable = Income tax liability for the year – TDS – Advance tax paid

= Rs. 40,000 – Rs. 20,000 – Rs. 6,000
= Rs. 14,000.

[ad#link-unit]

Now there are two cases, which we have to consider

Case 1:  File income tax return before the end of assessment year

Say you file your income tax return on 17th September, 2009. In this case, you would be filing your return 2 months late (partial months are considered as full months).

Final Amount = Net Tax Payable + Interest for 2 months at the rate of 1% per month Amount payable ,

= Rs. 14,000 + (2% of Rs. 14,000)
= Rs. 14,000 + Rs. 280
= Rs. 14,280

Case 2:  File income tax return after the end of assessment year

Say you file your income tax return on 4th June, 2010. In this case, you would be filing your return 11 months late (partial months are considered as full months). On top of this, you would be filing the income tax return after the end of the assessment year for which you are filing the return. So, in this case,

Final Amount = Net Tax Payable + Interest for 11 months at the rate of 1% per month + Lump sum penalty of Rs. 5,000

= Rs. 14,000 + (11% of Rs. 14,000) + Rs. 5,000
= Rs. 14,000 + Rs. 1540 + Rs. 5,000
= Rs. 20540

Save some tax by understanding Income clubbing provisions of Income tax

Additional Scenario

You have losses that you need to carry forward. This applies irrespective of whether you have any net tax payable or not. If you do not file the income tax return for a year by the due date, a loss for that year can not be carried forward. The only exception to this rule is loss from house property– this loss can be carried forward even if the IT return is not filed in time. Thus, if you have a loss from any of the heads of income (except for the head “Income from house property”) and you file your income tax return late, you would not be able to carry forward your losses. Thus, you would lose the benefit of set off of these losses against the income of the next year.

Conclusion

Not filing a return on time does have financial implications, especially if you have a net income tax payable and/or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.”Better late than never” is the best policy when it comes to income tax return filing.

Notes from Manish:

Disadvantages of filing a late return

As per Income Tax Department of India : “Aa tax return may be furnished any time before the expiry of two years from the end of the financial year in which the income was earned’. This means that if you earned your income during FY 2009-10, you may file a belated return anytime before 31st March, 2012 ” . But there are some disadvantages if you dont file your returns on time .   They are

  • You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses.
  • Loss of Interest on refund : You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
  • You cannot revise your return.

NOTE: Dear Friends, the above article does not mean to encourage people for filing late return but only to make taxpayers aware about the provision of IT act and help them taking informed decision.

This is a guest article written by Mr. Rishabh Parakh who is a Chartered Accountant and Director at  Money Plant Consulting 



Subscribe via RSS or Email:
What do you want to read about
Mutual Funds Life Insurance BankingHealth Insurance Credit Report and ScoreMost Commented ArticleReal Life Experiences Share MarketLoans Real Estate Income TaxCredit Cards For Begineer Investors Succession Laws EPF ULIP Product ReviewsBest of Jagoinvestor Other Products & Concepts How-TO GuidesBooks, Launches, Initiatives Investors Myths Psychology & Wisdom PPF General  
Buy Jagoinvestor Books in Ebook Format

{ 450 comments… read them below or add one }

1 nilesh sharma January 22, 2010 at 8:13 pm

hi Manish, Rishabh

thanks a lot for this wonderful information as i have not filed my returns for the last year as you rightly said abt the reason being “Lazy” and now when i am enquiring abt taking a loan they are asking for a copy of return and i had to rush to my CA and get this sorted out,

and believe me before i knew abt the provisions even i was so terrified so guys thanks for sharing this info, really you are giving us all kind of stuff which are very very impt and we knew also but never take seriously ,

Reply

2 manish January 22, 2010 at 8:21 pm

Nilesh

Nice to know that . Most of the people do not know the rules and then many middlemen take it as an opportunity to make money by offering their services and making you feel like something bad can happen if you dont do it soon :)

What did you CA said to you ? So when are you submiting your return for last year .So it soon .

Manish

Reply

3 nilesh sharma January 28, 2010 at 7:43 pm

i have filed my returns just few days back and your inputs REALLY helped me a lot,

thanks once again

Reply

4 manish January 28, 2010 at 7:58 pm

Nilesh

Nice to know that :) . Please share it with all your friends and family .

manish

Reply

5 shiv July 26, 2011 at 4:32 pm

Hi Manish,

I have one query I was out of the country for couple of years so I could not file my Income tax returns for 2008-2009 and 2009-2010 when i went to the agent they said they only accept 2 yrs back income tax return not the 2008 income tax returns. what is the solutions can i consult the CA to file the income tax papers. As i need to get the return of 16k from the Govt.
waiting for your advice.

Thanks,
~Shiv

Reply

6 Manish Chauhan July 26, 2011 at 8:40 pm

Shiv

Which year return are you talking about , if it was for the years when you didnt file the taxes , then forget it .

Consult a CA on this

Manish

Reply

7 Vikas Mishra March 31, 2012 at 9:42 pm

i have to file an income tax return for my dad for past 3 years 09-10, 10-11, 11-12 have to take an education loan on that plz help me with the procedure..

Reply

8 ASHAL JAUHARI April 1, 2012 at 8:37 pm

Dear Vikas, As now it’s 1st april 2012, your father can’t file online return for FY 2009-2010. For FY 2009-2010, he w’d have to file offline.

For FY 2010-2011, the window is still open, he may file it online.

For FY 2011-2012, the forms are yet to be issued by CBDT & the usual dead line is 31st july 2012.

If possible to you, please take help of a CA or a Tax professional in your city to file your father’s prev. pending returns.

Thanks

Ashal

Reply

9 Sanjay Thorat January 22, 2010 at 8:51 pm

Yeah… This is really a helpful post… I was under impression that I don’t need to file returns if I had paid all my taxes through TDS and there is no tax liability…

Thanks for this info Rishabh and Manish :)

I have few question…
1. My gross income was 1.8 lacs per annum (CTC) during financial year 2007-2008. Do I need to file ITR for that year?
2. Do I need to file ITR, if my taxable income is 0?

Reply

10 srinivas January 26, 2010 at 3:16 pm

During Tax Talk on Radio FM, I heard from Tax Superintendent, Bangalore division that if the tax paid for the financial year is Rs.0 then no need to file ITR. But there is no harm is filing it as you may need IT returns as proof for bank loans (though it is not required, no harm is having it).
In some cases , you will be asked to provide what is not required (what you don’t have).

Reply

11 manish January 27, 2010 at 10:03 pm

Srinivas

that is not correct . You might have to file the tax return legally even if your tax liability is 0 for a particular year . So if your Total Income for the year exceeds the exemptions limit , you have to file the returns . It might happen that after factoring in HRA exemptions , 80C limits and other deducations , your tax liability is 0 .

Who was the speaker on the radio show ? Do you remember . when did this happen ?

Manish

Reply

12 rishabh parakh January 27, 2010 at 9:03 pm

hi Sanjay,

thanks for your kind words, and sorry for replying late as i was out of town.

Although tax has been deducted and there is no further liability to pay tax, an
employee has to compulsorily file his/her income tax return if he/she exceeds the
maximum amount not chargeable to tax.

Filing ITR is beneficial for an individual as apart from the legal obligations, it is
mostly required for the following purposes like:

Reply

13 rishabh parakh January 27, 2010 at 9:04 pm

1. For availing any loan facility like home,
personal or education

2. For visa and immigration processing

3. Can be used as an income proof

4. Refund in case of excess taxes paid can be claimed

5. Can work as an income/net worth certificate

Reply

14 Mohan January 22, 2010 at 8:58 pm

Nice and informative article! Thanks for the great depth of details. I was aware of the basic info, but the insights was really helpful.
.-= Mohan´s last blog ..Seagate BlackArmor – USB 3.0 HDD =-.

Reply

15 manish January 22, 2010 at 9:02 pm

Thanks for the comment Mohan

Given that people are so confused about Taxes and rules, dont you think it should be included in class 10 or 12 as basic education .

Manish

Reply

16 Amit January 22, 2010 at 10:06 pm

To add to this not only taxes but we should have “personal finance” as a subject. And if not in 12th we can have this in graduations/professional courses :).
.-= Amit´s last blog ..How to redeem ELSS before 3 years? =-.

Reply

17 rishabh parakh January 22, 2010 at 10:50 pm

hi Manish / Amit,

i think the problem is not about being confused in tax laws & rules as each person is working in their own domain and not expected to have insights in to other domains except the basics, and it should be like that way only and the person should take the service/ help of respective professionals or businessmen;

but the real problem lies in there itself as MOST of the service providers in different fields are driven by their INCENTIVES only and end up advising or selling things based on their CUT and not looking at the actual requirement of the clients. its there with Doctors, CAs, Lawyers etc, taking advantage of client’s ignorance and just thinking about self had done the damage not only to our finance domain but in all sort of areas like medical, education, laws etc.

each one of us should strive to change this by first changing ourselves as that ways the ever expanding CORRUPTION in all this fields can be checked and advising clients keeping in mind their INTEREST should be the main motive as earning money should not be the sole criteria in life its much more beyound that,

Reply

18 Shabab P.T. January 23, 2010 at 2:15 pm

hi rishabh,

very rightly said, when i read this one and then thought abt the same i came to know the true meaning behind what you said, we seriously need to apply our common sense first and try to change ourselves and focus on advising our clients keeping in mind their interests rather than taking advantage of their ignorance

Reply

19 manish January 27, 2010 at 10:08 pm

Shabab

Are you an agent or advisor ? How are the challanges faced by agents and advisors in todays financial world ? Can you share from your perspective .

Manish

Reply

20 Shabab January 28, 2010 at 7:51 pm

hi am still a student of finance mba, have sold few insurance policies.

the main challenge which i found to be faced by agents is the lack of awareness and even more prominently the lack of seriousness abt their future planning and current financial positions inspite of going for loans

Reply

21 manish January 29, 2010 at 12:53 am

What loans are you talking about ?

Manish

Reply

22 shabab January 29, 2010 at 10:37 pm

car loans, home loans

Reply

23 manish January 31, 2010 at 1:00 am

ok , but I am not sure how does that fit the conversation , may be you need to explain more .

Manish

24 manish January 27, 2010 at 10:06 pm

Rishabh

I agree with your points that every one can not have expertise in personal finance and taxes , but there is some minimum level of understanding everyone should have, but most of the people do not take the effort to understand it . 9 out of 10 people in india do not know the tax slabs very well .

Manish

Reply

25 rishabh parakh January 27, 2010 at 11:12 pm

hi,

i too agreed on that basic education is req but the point i was trying to make is the Mediator’s role in every field and taking advantage of other’s ignorance is the biggest culprit and something should be done abt this.

And you said basic course on “Tax & Financial Planning” should be introduced at the school level itself.

rishabh parakh

Reply

26 khalid January 23, 2010 at 8:00 am

Hi Manish
Income Tax Rules are already included in 10th and 12th STD of ICSE,
.-= khalid´s last blog ..Shree Cement Q3 FY10 Results : Net up 35.09% =-.

Reply

27 Amit January 26, 2010 at 11:06 am

Yeh the taxation part is included for people in Commerce Section but for others they have no clue :). But anyway we probably need to take it forward and include “Personal Finance” & “Financial Planning” as a subject. Probably it would create more awareness and at an younger age.
.-= Amit´s last blog ..How is income from Blog taxed in India? =-.

Reply

28 manish January 27, 2010 at 10:14 pm

Khalid

Yes , even though its there , we are talking about detailed courses and a way to take it forward into advance course . Financial planning in coming days will be big things and our education ministry should think about it .

What do you feel ?

Manish

Reply

29 rishabh parakh January 22, 2010 at 10:52 pm

i dont whether i am right what do you say guys.

Reply

30 Jagbir January 23, 2010 at 9:46 am

Though, I’ve always filed my return on time but knowing this information very helpful in case if I miss. Thanks Manish.
.-= Jagbir´s last blog ..Setting up mutiple MySQL Database servers on a single linux machine =-.

Reply

31 manish January 27, 2010 at 10:19 pm

Jagbir

Yes . many times we dont make mistakes but just being aware of what can go wrong helps a lot . So now in future if we are not able to file our returns on time , we know what we have to do . thats called power of knowledge because then no one can take the advantage of our ignorance ..thats called Jagoinvestor :)

what do you think ?

Manish

Reply

32 Srinivas January 23, 2010 at 10:44 am

In my case, I changed my job from company X (April 2009 to August 2009) to Company Y (from Sep 2009 to till date). Company X did not ask me for HRA & medical bills and they deducted my tax with HRA as Rs. 0 and medical bills Rs.0. And my new company is saying we will accept HRA rental receipts from Sept 2009 only.
In this case, When I calculate my tax after combining both form 16, I need to pay more tax.
But my HRA and medical bills for 5 months not considered. Who to blame for this?
Any solution for this?

Reply

33 rishabh parakh January 23, 2010 at 12:42 pm

Hi Srinivas,

generally companies ask for the declaration of investments and other dedcutions so as to arrive at the TDS figures and even otherwise we should on our part submit the relevant doc to them so as to minimize our tax liability, so we cannot blame them.
you may try to pursuade co. Y to accept the proofs & thereby pay the taxes but it depends on their policy, generaly all the companies are under the onus to accept other incomes earned by the employees.

other solutions for this is to claim the excess tax deducted is by filing your IT returns and submitting the proofs thereon.

Reply

34 Srinivas January 23, 2010 at 6:22 pm

I don’t think I can submit rent receipts to IT department like 80C receipts.

Reply

35 anonymous January 25, 2010 at 4:16 pm

You can’t submit any proof along with ITR.
You need to do calculation based on HRA (for full year), file return accordingly. In your case TDS will be more than actual tax, which IT Dept will return eventually.
I have done the same 3 yrs back

Reply

36 Srinivas January 25, 2010 at 6:21 pm

How IT dept will accept the HRA declared by me. How can they confirm that figure is true and genuine.

Reply

37 anonymous January 27, 2010 at 10:41 am

IT Dept is smart enough, (infact I don’t know) but that is what it happens !! In case you submit your proof to employer, it doesn’t go to IT dept, IT dept Firmly believe Your employer deduction/calculation.
In case they don’t believe, ur IT return accessing off. will issue you notice then you need to go and show them proof. However chances of this happening is hardly 1%

Reply

38 rishabh parakh January 27, 2010 at 8:15 pm

hi Srinivas,

Whether it is electronic or physical filing, under the new procedure, individuals do not have to attach any documents or enclosures with the return of income. However,
one should preserve the supporting documents since it can be called at a later stage by an income tax officer to check the correctness of the claims made. Some of the
documents are:

Reply

39 rishabh parakh January 27, 2010 at 8:17 pm
40 rishabh parakh January 27, 2010 at 9:09 pm

1. Detailed calculation of taxable income and amount of tax payable/refundable

2. Form No. 16/16A (original)

3. Counterfoil of all the tax payments made during the year

4. Copy of documents concerning sale of investments and properties

5. Copy of bank statements

6. Copy of proof for all the deductions and exemptions claimed in the return of income

Reply

41 manish January 27, 2010 at 10:39 pm

Srinivas

Why not ? I submit my Rent recipts to my employer . Dont you ?

Manish

Reply

42 Srinivas January 28, 2010 at 7:11 am

I also submit. please read my first comment.

Reply

43 manish January 28, 2010 at 8:43 pm

Srinivas

ooops .. my mistake :) .. I didnt read that you mentioned IT dept and not “your employer” . Apologies ..

Manish

Reply

44 Namrata January 23, 2010 at 1:09 pm

Hey Rishab,
Its really great to know about the insights of the rule. thanks a lot. moreover i should really appreciate you for one of the reply’s to the comment given by you…. it specifies regarding the service providers taking advantage of peoples
ignorance ….and mostly being incentive oriented…. these thoughts of yours would definitely alert the service providers that they need to be more considerate towards theirs client and not towards incentives… thanks for your contribution that has brought awarness ..

Reply

45 manish January 27, 2010 at 10:41 pm

Namrata

What do you feel about the knowledge level of Indians in tax and financial planning matters ? How can we help them increase it ?

Manish

Reply

46 namrata January 28, 2010 at 10:15 pm

manish,

i really feel that inspite of being the no 1 in savings, there is very little knowledge abt tax & financial planning, dont know what is the reason that people in india do not think abt their future and plan for it as there is no social security system which saves us from post retirement period in case we dont have the reserves.

i think govt shud make it compulsory for all to save atleast 10-15% of their income in various options of their choice apart from tax investments like they have done with general insurance for vehicles we do not take our vehicles out till we have covered it as its mandatory so its out of fear but we take ourselves out daily without back up or insurance this is just one eg there are many other things too.

manish , rishabh what do you say…

Reply

47 rishabh parakh January 29, 2010 at 1:52 pm

very true Namrata,

We have to agree – not a lot of people in India plan their finance, salaried individuals in particular.
This is because – first, financial options in India have just started to open up – second, lack of awareness among individuals.

Lack of options forced people to save money in their saving accounts or a few benign instruments primarily provided by government in form of LIC, post office deposit etc. Lack of options basically meant no planning was required to be done. This led to awareness gap and almost three generations of India passed unaware of the benefits of financial planning.

Salaried individuals in India have always been on receiving end from all corners. Though this segment pays most of the bills of the country (by paying taxes), very less saving options are available to take advantage from.

Financial planning is a must for salaried individuals and it is only through planning those salaried individuals can become financial free.

What do you say?

Reply

48 manish January 29, 2010 at 3:05 pm

Namrata

Nice points .. Regarding the example of auto insurance you have taken , the reason why its compulsory is that there is 3rd party liability also involved there incase we hurt someone . With life insurance its not there directly , but indirectly there is always a 3rd party impact .

Manish

Reply

49 Bharat Reddy January 23, 2010 at 1:14 pm

Rishab,
your article is Very informative and one of its kind …

Reply

50 kavita sharma April 2, 2012 at 1:14 pm

hi………. 2012-2013 budget is very help full for middle class people .

Reply

51 Praveen Kumar Amritaluru January 23, 2010 at 4:50 pm

I am not sure if the illustration is correct especially on the entire tax is not paid before 31st Mar 2009 in your example.

I am not sure if author is correct when he says (Tax/Returns paid on 17th Sep 2009):
Final Amount = Net Tax Payable + Interest for 2 months at the rate of 1% per month Amount payable ,

My understanding is that:
1. All taxes have to be paid before 31st Mar 2009 (end of financial year).
Failing to do so will attract penality.
So if someone is paying taxes on 17th Sep 2009, the penality at the minimum needs to be calculated for 6 months (Apr – Sep).

Actually the tax rules you find on Income Tax website (and the sections are little confusing).
INTEREST U/S.234B: Where an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one percent for every month or part of a month comprised in the period from the 1st day of April following the financial year.

IT website says assessee has to pay 100% tax before 31st Mar 2009.
At the same time it says if tax paid is less than 90%, assessee has to pay simple interest.
Note this section mentions “simple interest for period starting from 1st of April 2009″ and not due date for filing returns.

2. Also the IT dept specifies that at 15th of quarter intervals, certain percentage of expected total income during that financial year.
http://www.incometaxbangalore.org/taxinfo/taxclndr.htm

Other than Companies:
15th September 30 % of the estimated tax
15th December 60 % of the estimated tax
15th March 100 % of the estimated tax

There is this section 234C which puts more stringent conditions on amount of tax you should have paid during various quarters.
INTEREST U/S.234C: Where an assessee other than a Company, who is liable to pay advance tax under section 208 has failed to pay such tax or,

1) The advance tax paid by the assessee on his current income on or before the 15th day of September is less than 30% of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than 60% of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one percent per month for a period of three months on the amount of the shortfall from 30% or, as the case may be, 60% of the tax due on the returned income.

2) The advance tax paid by the assessee on his current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one percent on the amount of the shortfall from the tax due on the returned income.

So a tax assessee if he has not paid tax according to what is mentioned in above sections,
has to pay penality (simple interest) under two sections 234B and 234C.

The author can clarify on the above found in the following IT website:
http://www.incometaxbangalore.org/taxinfo/taxrates.htm

QUOTE
Case 1: File income tax return before the end of assessment year
Say you file your income tax return on 17th September, 2009. In this case, you would be filing your return 2 months late (partial months are considered as full months).

Final Amount = Net Tax Payable + Interest for 2 months at the rate of 1% per month Amount payable ,

= Rs. 14,000 + (2% of Rs. 14,000)
= Rs. 14,000 + Rs. 280
= Rs. 14,280
UNQUOTE

Reply

52 rishabh parakh January 27, 2010 at 8:55 pm

Hi Praveen,

sorry for replying late as i was out of town, the purpose of this article post is to highlight the impact of delay in filing returns and therefore only interest u/s 234A is considered but you are right when we talk about overall tax liaility which means if there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.

The interest is applicable only if there is any tax payable in your return.

234A: Interest on late filing of Return of Income

234B: Interest on default of Non payment/ short payment of Advance Tax

234C: Interest on the amount of advnce tax , the payment whereof has been deferred

Reply

53 Praveen Kumar A January 27, 2010 at 9:25 pm

Hi Rishab,

Thanks for acknowledging and correction.

Your calculation might give a wrong impression about the amount a tax-payer has to pay in the example you took.
Even if the article is about about filing returns, the example talks about “final amount” of tax to be paid and so the readers might get mislead.

QUOTE
Final Amount = Net Tax Payable + Interest for 2 months at the rate of 1% per month Amount payable ,

= Rs. 14,000 + (2% of Rs. 14,000)
= Rs. 14,000 + Rs. 280
= Rs. 14,280
UNQUOTE

It would be desirable to add a “NOTE” mentioning about other penalities that may need to be added to arrive at final tax payment including penalties.

Infact it would be good to include other penalities as well in the above calculation given that you have provided nice illustration taking numbers, dates etc.
It would be useful to readers.

Reply

54 manish January 27, 2010 at 10:57 pm

Praveen ..

We have never said that there is no penality if the tax is not paid before 31st , it only discusses about being late in filing the returns :) . anyways i think Rishabh made it clear in his comments :)

Manish

Reply

55 Nikhil January 27, 2010 at 10:31 pm

Good Article…

Reply

56 manish January 27, 2010 at 11:02 pm

Thanks Nikhil

Manish

Reply

57 Harshal Kulkarni February 4, 2010 at 6:52 pm

This is really a nice initiative for promoting financial literacy, making aware about the pros and cons of late filling of returns.
.-= Harshal Kulkarni´s last blog ..Q1 FBT TO BE TREATED AS ADVANCE TAX =-.

Reply

58 rishabh parakh February 5, 2010 at 2:59 pm

Hi Harshal,

sincere thanks for the appreciation, we should thank manish for initiating this blog and thereby sharing most of the unexplored areas

thanks

Reply

59 Manish Chauhan February 10, 2010 at 10:07 pm

Harshal

Thanks for your comment . You are also a tax blogger , what do you think of indian knowledge in Taxation. What are the other common things which people should be aware of , but have no basic knowledge even .

Manish

Reply

60 Devjani February 6, 2010 at 3:16 am

Hi Rishabh and Manish,

I am a creative professional (scriptwriter/illustrator) who has worked in a non corporate as well as a corporate environment for 2 and a half years. I’ll be honest through my 2.5 years of experience… i have often found myself lost with regard to Income Taxes , corporate policies and other salary related abbreviations on several occasions. I knew what income tax was , but i did not know how to go about understanding how to calculate it and filing returns. To add to it , i seemed to always have some kind of phobia or mind block when i came across abbreviations, arbit section number references and form numbers.

I did on 3 occasions try to sit down with a more informed family member or a friend or even the HR to figure it out.. but the conversation would end with me still being clueless and them either laughing at my ignorance or questioning their genetic relation to me…In the end i would just give up and do whatever the Hr asked of me, figuring it would solve the matter.

today, i found out that while i did pay my income taxes to the government regularly each working year, i was wrong to not file my returns for them. I had figured since the tax was already deducted through out the year from my salary, i owed the govt. nothing more. It’s only when my intimidating progenitor a.k.a dad asked me if i was filing my returns properly, that made me wonder and panic and pull out my form 16s..Further more i managed to lose the form 16 of the first company i worked for. grrr… I am now trying to clean up the mess… and i hope i wont be fined… Anyways, this has taught me a good lesson and i will be keeping myself abreast of all possible information from now on instead of running away from it.

I guess what i am trying to say is that , your blog is simple to understand and has cleared up many many doubts i had regarding income tax processes, tax savings schemes and filing IT returns. Also it really helps that it has a humorous undertone to it. I started reading the other articles on the blog as well. I especially liked the “Ability to take Risk vs Willingness to take Risk” article. :) Drove the point home, it did.

I do remember reading bout Income tax in school and how we should pay them so that the govt. can build roads (hah!), fix potholes (bigger hah!) and provide other facilities. However, i do not remember reading about 80C, 80CCC, 80CCCD and other numerical and alphabetical soup.

Wish there was a class that could be held in every college i.e. right before graduation and right before students start earning that would explain clearly the process of figuring out income taxes and filing tax returns and even maybe common corporate policies … Exploitation is NOT cool and Ignorance is definitely NOT bliss..

So…..Thank You.
Sincerely
Devjani

Reply

61 Manish Chauhan February 6, 2010 at 8:25 am

Devjani

Nice to get a comment like this from you . We all are ignorant about different things upto some point of time and even though we try to understand it a lot of times, it happens that we dont get it for different reasons . But at the end someday we will get it when we find a goo resource or some one who teaches us well .

I am glad to hear that you have now started understanding things well and this blog has helped you in that in great way . Its an honour . I am sure you will learn more about different things here and recommend this blog to others who also might need education on this . Great to have you here :)

Manish

Reply

62 rishabh parakh March 3, 2010 at 12:21 am

hi Devjani,

sincere thanks for your nice comment, we generally do not or mostly do not take care of our income tax and specially tax & financial planning matters seriously unless demands by the legal requirements but little efforts from tax payers & investor’s side will go a long way to help them in their hassle free financial life.

sincere thanks once again

Reply

63 Devjani February 6, 2010 at 3:18 am

shoot.. sorry bout the really looong comment

Reply

64 Manish Chauhan February 6, 2010 at 8:27 am

Devjani

I have to thank you for the long comment . There is nothing to be sorry about it ;) . We are here to discuss things and share our views about something .So a long mail is desired one ;) . Keep commenting

Manish

Reply

65 Rajesh March 1, 2010 at 5:45 pm

Hi,
Thanks for the informative article. I wonder if you could advise me on something. For AY 2008-2009 (FY 2007-2008), I had e-filed my returns before the due date (on Sep 30, 2007) without digital signature, but did not submitted the ITR-V to the department. I realised it only when I was filing my AY 2009-2010 returns and sent the signed ITR-V of AY 2008-2009 to the department, but it has not been accepted. Can you please advise me on how to proceed from here?

Reply

66 rishabh parakh March 3, 2010 at 12:13 am

Hi Rajesh,

“for the financial year 2007-08 return can be filed at any time before 31st March 2010, however you may invite a tax penalty of Rs 5,000 u/s 271F of income tax act even if all your taxes have been paid if the same return is furnished after 31st March, 2009.”

and the ITR-V is already a time barred now meaning that it has been never furnished, so going by the above rules you can file it immediately.

:) Manish, for info… this is the biggest disadvantage of online filing, even though the name is ONLINE FILING its not completely online as tax payers like Rajesh who do not have digital signature (at least 90% persons do not have one) if chooses to file it online ultimately needs to submit the acknowledgment to CPC making it thereby a cumbersome process and not complete online solutions.

i think we can also cover Online Filing V/S Manual Filing
what say:)

Reply

67 Manish Chauhan March 3, 2010 at 9:39 pm

Yes , looks like a good idea .

Lets do Online Filing Vs Manual Filing in future :)

Manish

Reply

68 Farnaz March 8, 2010 at 4:54 pm

Hi Rishabh & Manish
Good to know that you are there to help us understand the tax laws & its implications to whatever extent possible, that too in simple & easy terms. Am lucky to have come across your blog to understand issues with respect to tax laws, I will defnitely pass on info about your blog to my freinds & family it will definitely help them too.
I need your help to understand a problem that am facing right now with respect to filing of Form 16. I have been filing my Form 16s in time all these years, but in the AY 2008-2009 Form 16 has been filed on 4th Aug 2008 instead of 31st Jul 2008.
Now I have recd a notification from the dept demanding a payment of about 3500 towards the AY 2008-2009, to be paid within 30 days. I fail to understand why am being charged this amount, is it because of late filing of Form 16. But in your earlier excerpts you have mentioned there is no fine for late filing of Form 16 and that I have time to file within the next year March without paying fine, if so then I should not be liable to pay this
Also pls note I do not have any other income except salary for which my employer has paid the tax(TDS)
I hope to hear from you soon before I go to meet the dept officials personally to resolve this
Also is there any section under which I can refuse to pay these charges
What should be next steps to resolve this issue, time is a constraint here, hope to hear from you soon

Thanks & Regards

Reply

69 rishabh parakh March 9, 2010 at 12:12 am

hi Farnaz,

cannot comment without going through the “Notice” as we need to first see on what ground the said charges have been demanded.

Reply

70 Srikumar SN March 25, 2010 at 9:42 am

One question I have. I have not paid income tax for the past 10 years. Can I clear all tax dues now. Is it is possible to pay taxes for the years i have not paid. can u please explain this. I last paid tax in 1998-1999. My salary then was 2 Lakhs. Now it is almost 15 times. I am a consultant. I am now joining IBM as manager. Now question of proof has come into picture to which only income tax will be seen as proof. I want to clear all my dues in a single shot.

Reply

71 Manish Chauhan March 25, 2010 at 9:51 am

Srikumar

Rishabh should be able to guide you .. I am mailing him .

Manish

Reply

72 shalini April 12, 2010 at 4:27 pm

Hi, i was working on contract in a software company & was unable to file my tax returns for 2008-2009 as i was pregannt and on complete rest, now i wanted to file the tax returns, i have form 16A. when i approched an auditor he told me that i cannot show my rent recipts for tax exemption and can show only travel bills, medical bills and any sort of investment.
but i heard from one of my colleage that rent receipts/rental agreement will do.
can you pls advise. every months they deducted from 10.33% on my profeestional fees.

Reply

73 Manish Chauhan April 12, 2010 at 5:30 pm

Shalini

I think if you have paid the tax last year then return can be filed.
Rishabh , can you reply on this ?

Manish

Reply

74 nitika April 20, 2010 at 1:33 am

Hi Manish,

Thanks for the information. I want you to plz read my case and suggest me what can i do. I was working jun 2007-june 2008 since i was on family way i was not able to file my returns. for that year.
Now since i have moved out of country can i file my returns now?if yes can you please tell me the procedure?Since the tax was deducted at source i don’t have any tax liabilities.

thanks
Nitika

Reply

75 Manish Chauhan April 20, 2010 at 10:25 am

Rishabh , can you answer this ?

Manish

Reply

76 Radhika April 30, 2010 at 2:40 am

Hi RIshabh and Manish,

I am yet to file the returns for fin year 2008-2009, what is the section that I need to file in under? 139 (1), 139(4), 142(1), 148, 143or 153(A). One of my tax-savvy friend suggested that I should file it under 143, but in the e filing option there was no option for 143

Many thanks!

RAdhika.

Reply

77 Manish Chauhan April 30, 2010 at 9:08 am

Radhika

Rishabh can help you on that , mailing him !!

Reply

78 Manish Chauhan May 2, 2010 at 2:24 pm

Radhika

Here is the mail back from Rishabh

——-
Sorry for replying late as I am unwell since last week and also hooked up in tax season.

And the answer is : Once the return is filed beyond the due date and the AY it falls under belated return and should be filed accordingly.

Manish

Reply

79 Deep Kumar Misra May 29, 2010 at 1:16 pm

Due Date for submitting ITR for the A.Y. 2008-2009 in the case of Audited Assessee.

Reply

80 pradeep June 25, 2010 at 6:32 pm

COULD PLEASE SPECIFY WHICH CODE EXACTLY.. (sorry for the capitals !just to grab attention)

Reply

81 Manish Chauhan June 26, 2010 at 11:21 pm

Pradeep

What Code ? Not sure what is your question exactly ?

Manish

Reply

82 Pavan Kumar June 30, 2010 at 6:55 pm

Hi Manish,
First of all , the explanation was very good. I really understand how all this works now. My prob is a bit different. I was working for a Software Cmpy till 25th Sept 2009 and changed to another. Now I have got form 16 from both my previous and my current cmpy. Now I see that both of them have got tax deducted. Now my point is should I show both the Form16`s while filing the return. If yes, then do I need to pay any tax extra on this. Let me know if you need any more details on this. Thanks

Reply

83 Manish Chauhan June 30, 2010 at 8:29 pm

Pavan

As far as i know both the form 16 is required to show in return .

Manish

Reply

84 Rima July 5, 2010 at 11:31 pm

I’ve not filed taxes since for past 2007-2008 and 2008-2009 as well. What would be the penalty that I would be paying in this case? I’m a salaried person working for a MNC in Bangalore

Reply

85 Manish Chauhan July 15, 2010 at 10:33 am

Interest for all the late months at the rate of 1% per month + Lump sum penalty of Rs. 5,000

Did you see the article , its mentioned there .

Manish

Reply

86 Sushil July 19, 2010 at 2:40 am

Hi Rishabh, Manish,

i am faced with a unique scenario from those mentioned above. I was working from apr – jun 07 for a firm before i quit to do my higher studies. my total income was just below 1 L for the 3 months, however TDS was cut. Hence, i was due a refund. I couldnt file the return due to various reasons and i have also missed the deadline of 31st mar, 2010 for filing for assessment year 2008- 2009.
could you please advise me if i can still file the returns? if so, then how should i go about it, since the efiling site is not accepting returns for 2008/09 anymore. also, would i be imposed any penalty since my total income was below the exemption limit? finally, am i still eligible to get the refund?

Reply

87 Manish Chauhan July 24, 2010 at 3:37 pm

Shushil

Actually you dont have to pay any tax , but you still have to file the returns if you want the refund , Not sure about how to go about it .

Manish

Reply

88 kranthi July 27, 2010 at 12:27 pm

hi
I have done a temporary job JAN to JUNE 2010 salary 47,300…three months of salary comes in to 2009-10 and three months 2010 -11, should i file income tax return, its a govt institute when i asked F 16 they r not giving it.. what can i do to file return. while taking my last salary after duducting HRA he said u should pay 700 tax, i showed my insurance policy got tax exemption. I am continuing my studies so wont do jonb any more pls advice

Reply

89 Manish Chauhan July 27, 2010 at 2:00 pm

Kranthi

U dont need to file any return , as your taxable income is below the limits

Manish

Reply

90 Krishna kishore July 31, 2010 at 8:28 pm

Thanks for explaining in detail covering different scenarios, reading the above article has cleared few doubts.

Reply

91 Manish Chauhan July 31, 2010 at 8:55 pm

Krishna

Thanks :) . Keep commenting :)

Manish

Reply

92 Dr. Pavithran August 3, 2010 at 11:48 am

Hello Sir,

My friend has not filed her returns for the assessment year 2009- 10. there is no tax to be paid. What should she do now? File a return now? How do i calculate the fine. Please help

Thanks

Reply

93 Manish Chauhan August 3, 2010 at 12:00 pm

Dr. Pavithran

She can file it by Mar 2011 , no issues because she does not have any outstanding tax to be paid . Also if she does not have to pay any tax (her taxable income was less than her limits) she does not need to file a return then .

Manish

Reply

94 Raj September 6, 2010 at 11:47 pm

Hi,

Currently I live in USA and I got paid in India for the year 2008 and 2009 and I filed my income tax returns in India. My current employer in USA is asking for the copy of my F16 from India as part of employment verification. Is it possible for my current employer in USA to verify the information given in F16 is valid and genuine. If so how? Please let me know.

Thanks
Raj

Reply

95 Manish Chauhan September 7, 2010 at 1:30 am

Raj

I am not sure of this, its too much technical for me , some one else here might be able to answer you

Manish

Reply

96 Tony September 28, 2010 at 4:15 pm

Thanks for the info. What about registered societies and trusts who have to file audited reports by 30th sept.? What penalties do they suffer if they do not file in time?

Reply

97 Manish Chauhan September 29, 2010 at 1:25 am

Tony

Its more suited to ask it here : http://www.jagoinvestor.com/forum

Manish

Reply

98 ananthan jn November 2, 2010 at 11:18 am

i have recd. notice from IT department for non filing of IT return for assessment year 2008-09. if it is possible to file IT return for assessment year 2008-09. if any penalty to be paid.

Reply

99 Manish Chauhan November 2, 2010 at 11:25 am

Yes you will have to pay the penalty of 5000 + interest also , check with some tax expert

Manish

Reply

100 Suneet November 16, 2010 at 9:46 pm

Hi Rishabh,
Great article. We have not been able to file my wife’s IT return for AY 2010-2011 (FY 2009-2010). As per my calculations, her total tax payable was ~9,500 of which TDs of ~5000 has already been deducted. I am filing her return online in November. What is the total interest/ penalty that will need to be paid on the self-assessment tax I pay before filing the return. Thanks in advance for your help.
Suneet

Reply

101 Manish Chauhan November 16, 2010 at 10:38 pm

Suneet its not clear if you have paid the tax or not ! .

If you still have any outstanding taxes to be paid (after deducting TDS and Advance taxes paid, if any) you would be liable to pay simple interest @ 1% per month or part of the month, on the tax payable commencing from the date following the due date till the date of filing the return.

Manish

Reply

102 Suneet November 16, 2010 at 10:52 pm

Hi Manish,
Thanks for your quick reply. I still need to pay ~Rs.4,500 tax for FY 2009-2010. I will pay that with an interest of 1% for the 8 months (from 01 April 2010 to 30 Nov 2010).
Thanks,
Suneet

Reply

103 Manish Chauhan November 17, 2010 at 10:58 am

Ok great !

Manish

Reply

104 Rekha November 17, 2010 at 1:14 pm

Hi Manish,

I filled the return on 12/11/2007 with tax Rs 49601 without late fee(While filing the return I asked my CA whether I have to pay any late fee, he said it not required.).

After 1 year I got mail from Income tax department on 21/10/2008 with CHALLAN No 280 that I have to pay Rs 184/- for the assessement year 2007-08.

How much amount I have to pay today instead of Rs 184/-.

Rekha

Reply

105 Rekha November 17, 2010 at 1:16 pm

Hi Manish,

Tax amount was Rs 4601 instead of 49601. Apologies..

Reply

106 Manish Chauhan November 17, 2010 at 4:19 pm

Rakha

Its not that easy to understand how much you have to pay now as so much time has gone , better to consult a CA

Manish

Reply

107 Sarita Bhagat January 7, 2011 at 11:06 am

Hello
I started earning since December 2007 and I have not filed any Income tax returns till now. Please let me know the procedure for filing IT returns for previous years.

Regards
Sarita

Reply

108 Manish Chauhan January 7, 2011 at 12:59 pm

Sarita

3-4 yrs have gone by , you should contact a CA now . Which city are you in ?

Manish

Reply

109 Sarita Bhagat January 14, 2011 at 9:31 am

I m putting in Delhi. could u please suggest a CA/contact details.
will very thankful to you.

sarita

Reply

110 Manish Chauhan January 14, 2011 at 11:12 pm

Sarita

A simple call to justDIAL will help you . I have no idea about any CA in Delhi

Manish

Reply

111 Vineet Nair January 13, 2011 at 10:56 pm

Hi Manish/ Rishab,

I would like to thank you guys for this wonderful insight on the very important but little known topic. Just one question!

I started working in March’07 but was below the Tax slab but came in the Tax slab after 2008 in the same company but my Tax hasn’t been deducted yet as provide appropriate Investment proof(Medical Bills, Rent Receipts etc) in the month of January every year. If I file my IT Returns this year will I be entitled to pay the late charge of Rs.5000? Also let me know if there are any loop holes to get away with that charge if applicable. Thanks much.

Reply

112 Manish Chauhan January 13, 2011 at 11:20 pm

Vineet

Its as simple as that , it has been more than 2-3 yrs now , and as you have not filed the return till now ,you WILL have to pay that , no choice !

Manish

Reply

113 Vineet Nair January 13, 2011 at 11:29 pm

That reply came so fast…I was expecting the response after a week or so as in other Blogs…..but u were real quick…..Thanks much.

I will File it this year! Just out of curiosity- If I file the returns say after a couple of year but do not pay even a single penny Tax till then- courtesy the investment proof; will I still be charged Rs.5000/- ?or more? can you give me an approximate calculate figure how much do I have to pay then!

Reply

114 Manish Chauhan January 14, 2011 at 12:18 am

Vineet

5k is per year for single year , it would get compounded a lot incase you are too late

Manish

Reply

115 Vineet Nair January 14, 2011 at 12:47 am

One last question for the day !!! One of my colleague suggested that I file the Returns for this year and do the same regularly every year hence forth and just forget about the past (2008 & 2009). Does this mean I don’t have to pay that Rs. 5000?

Reply

116 Vineet Nair January 14, 2011 at 12:49 am

One of my colleague suggested that I file the Returns for this year and do the same regularly every year hence forth and just forget about the past (2008 & 2009). Does this mean I don’t have to pay that Rs. 5000?

Reply

117 Manish Chauhan January 14, 2011 at 3:06 am

You can do that and it might just work , but remember that you are not filing for 2 yrs which is not legal

Manish

Reply

118 Dinesh January 29, 2011 at 11:42 pm

Hi,

Firstly thanks so much for the enlightenment provided thru this post.

I filed my returns for 2008-2009 and 2009-2010 through a local agent but I lost the IT Returns receipts. The agent who filed my returns is out of reach. However, now I require the IT Returns receipts to avail loans. Can you please suggest if there are any ways to obtain a duplicate copy of the returns receipts from IT Dept? If that is not possible kindly suggest any work around. I am in an critical need of this information. Please help.

Thanks,
Dinesh

Reply

119 JayaprakashReddy January 30, 2011 at 9:14 am

Hi Dinesh,

If you know the ward office where these returns submitted then you simply visit the ward office and give an application stating the reason for the duplicate returns copy. In most of the cases they don’t entertain you and one guy at that place will be waiting for you to take aside and discuss about chai-paani things to get that openly. As far as I know there is no provision in IT dept to issue duplicate copy and if you are lucky you will get it.

Now, if you dont even know the ward office where your agent have submitted the returns then first goto incometax dept website and find out your PAN jurisdiction. Here is the link . Remember this jurisdiction is correct only if you have not submitted your 2010-11 returns or you have not changed your pan card address after submitting those two returns, if you have done any of these two then god only knows where those two years returns were submitted, even Incometax dept people cant get that info easily. I have literally seen the software they are using and the people who operate it and they dont know how to get it.
Once you know the jurisdiction you need to take help of Google to find the address of that office as it is no where available in IT dept website. If you are lucky you will find the address then visit the office and follow the procedure stated above to get duplicate copy.

All the best and keep some money ready with you when you visit the office, you may not find ATM near by ;).

I’m telling you this with my numerous visits to the dept for my issues with refund and returns.

Reply

120 JayaprakashReddy January 30, 2011 at 9:18 am

Hi Dinesh,

I forgot to mention another point, your agent may not have submitted those two returns in the same ward office. Because these CA agents submits returns wherever their supporting IT officer sits, he might have submitted those returns wherever he felt comfortable, so try with latest returns submitted year and after that ask for the previous year returns copy. If he didn’t submit that previous year copy in the same office then god will help you to get the duplicate.

Reply

121 Dinesh January 30, 2011 at 12:56 pm

Dear Reddy, Thanks so much for your inputs. i havn’t submitted my returns for 2010-2011 and neither my PAN address changed. So I believe I should be able to locate the ward. Alternatively is it advisable to file my returns once again online now for last year so that I will get a returns receipt? will double filing create any issue? kindly advice. Thanks -Dinesh

Reply

122 Jayaprakash Kanreddy January 31, 2011 at 11:12 am

Dinesh,

I think you can submit revised returns again. This is normally done when you miss anything in your last returns filing. But in your case you can submit the revised returns saying that you missed the last copy. I’m not quite sure about it.

I think its good idea to consult near by CA and get more details about it and you can even ask him to suggest better way to get away with it. I’m sure they will definitely help you.

Reply

123 SN123 February 12, 2011 at 9:04 am

Thanks for this wonderful post.

I moved out of India in April 2008 and forgot to file IT return for the FY 2007-08. Now I have received notice from IT department at my Indian address for non-filing the return. I am salaried person and all the tax of that particular FY has been paid by my company in advance and I also have Form 16 for that.

If I do not file my return will their be any impact after coming back to india? Will their be any penalty for filing return?
I am NRI now with my income in India less than taxable amount. Also the country I am staying has DTAA with India.
Pls suggest.
Thanks

Reply

124 Manish Chauhan February 12, 2011 at 10:20 am

SN123

You should consider filing the returns for the years you have not filed it for , Read out to online tax filing companies which can help you in filing the taxes online .Make sure you pay the penality (should be some thousands now) and clear the matter .As you have already got the email from tax department, it would be wise to settle the matter and move on .

Manish

Reply

125 Shriram February 16, 2011 at 10:11 am

hi Manish, Rishabh

Thanks for the helpful information! I have one query in this regard. I have submitted my investment proofs to my company which was required to them by Mid Feb 2011. But still i have some investments which are due in March 2011. So when can i submit those remaining investment proofs? can i submit it while filing income tax returns? Please help me to clarify this.

Thanks!

Reply

126 Manish Chauhan February 16, 2011 at 12:12 pm

Shriram

Yes you can give it while return filing , but now the problem is that your company will pay all the tax , considering you didnt make march investment and now at last you will be able to get a refund . So you will get back that after many monmths

Manish

Reply

127 Shriram February 26, 2011 at 6:39 pm

Thanks Manish for the quick reply!

Reply

128 Shailinder February 25, 2011 at 9:33 am

Hi Manish and others,

I have got a speed post from income tax department yesterday stating that I need to submit relevant challan for a demand raised for Rs. 35914/- for A.Y 2009-10. Date of demand was 14th Sep’10 and Due date was 14th Oct’10. However, i did not get any information from Income Tax dept. about it on or before due date.

Please assist what could be this ? Is it related to IT returns ? If yes then, unfortunate part is I am unable to locate IT return doc for this particular period, however, I have details for 2010-11 and previous years but not for 2009-10. Can i revert with stating that I lost the doc or do i have to re-fill it ? What would be the penalty on this ?

I am in a private service and my company deducts the tax from the salary directly so I cannot control it nor I have any source of income other then the job.

Please assist urgently as I have been asked to meet in person on 3rd Mar’11.

Regards
Shailinder

Reply

129 Manish Chauhan February 25, 2011 at 10:04 am

Let me check with the expert and get back to you

Manish

Reply

130 Shailinder February 25, 2011 at 9:37 am

I forgot to add “Nature of demand” as per letter is U/S 143(1). What is it ?

Regards
Shailinder

Reply

131 Manish Chauhan February 26, 2011 at 7:03 pm

first check details abt demand from IT Ack details and why dept is asking so much amt some times if Tds is not considered then it results in liability which is already paid need to first check tje docs

Reply

132 Shailinder March 2, 2011 at 3:03 pm

Dear Manish, I am going tomorrow and would check about your point. Upon cross checking all the documents, I had found that my PAN number was wrongly printed on the form-16 of 08-09. Thus, tax paid by me went to a wrong account. I have taken a letter from company HR regarding the correct PAN number in company’s account + a letter wherein, tax deducted from my account. In the second letter, company has mentioned about the
(a) Amount deducted,
(b) BSR code of the bank branch,
(c) Date on which tax for deposited,
(d) Tranfer voucher challen number.

Do you think it would be suffic or something else would be required ? Please suggest

Reply

133 Manish Chauhan March 4, 2011 at 1:49 pm

Shalinder

Its more of a forum questions now ,as it requires some live person experience . i am not sure about the answer : ask it on forum : http://www.jagoinvestor.com/forum/

Reply

134 Rakhi Chowdhary February 25, 2011 at 4:26 pm

I have lots of queries and I am looking online for some answers, came across your post, excellent. Truly, I could not get much as terms are bit confusing for me.

1. I lost my Tax declaration original how can I get this.
2. I did not file ITR for 2 years in between as did not have any deducation, is it right or wrong?
3. Filing ITR for zero return is OK or not?? Nearly Rs. 700 was deducted and I do not have any investment, so I would not get return.
4. Please let me know latest by what date I can file ITR For FY 2010-2011, can I do online, as my CA is charging high.

Reply

135 Manish Chauhan March 4, 2011 at 2:01 pm

Rakhi

1. ask on forum : http://www.jagoinvestor.com/forum/

2. Are you suppose to file it ? Only if your taxable income is above the exemption limits , you have to file of it then .

3. Tax returns are not just for getting return money back from tax department , its a compulsory thing you have to do .

4. You can file it by 2012-2013 , Its given in this same article ,re-read it again

Reply

136 Rakhi Chowdhary March 21, 2011 at 4:05 pm

Is there any way I can check all the records online of the ITR filed using my PAN number or some other way. I have heard that if you misplace ITR acknowledgment you may need to pay again.

Thanks, for your answers I have subscribed to forum also. This means for FY 2010-2011 the AY is 2011-2012 and we can file ITR till 2012-2013.

Reply

137 Manish Chauhan March 22, 2011 at 3:46 pm

Rakhi

I am not aware where you can check those records online .

Manish

Reply

138 amrish February 28, 2011 at 10:35 pm

I work for a company and i have to pay additional tax, till what date i can pay the tax, as FY is about to end in March’11. is it 31 mar 2011 or 31 July, 2011? 31 july is the last date for filing return.

Reply

139 Manish Chauhan March 4, 2011 at 2:03 pm

Amrish

You have read the article , right ? You can file it till 2012 , just that you will loose some benefits !

manish

Reply

140 Dheeraj March 27, 2011 at 11:27 pm

Hi Amrish,

For avoiding interest u/s 234 B and 234 C all the taxes for FY 2010-11, must needs to be paid by 31st Mar. 2011.

Reply

141 Ravi March 2, 2011 at 1:24 am

No tax filing for the salaries below 5 lakhs
To know more check the below link

Good news and no tax from now on

Reply

142 Manish Chauhan March 2, 2011 at 1:10 pm

Ravi

Thanks for the link :)

Reply

143 Rahul March 15, 2011 at 5:30 pm

Hi, I need clarity on the following. I have not filed returns for AY 2009-10. I don’t have any tax liability as due taxes were paid before 31st March 2010. I am planning to file return before 31st march 2011. Do I need to pay the penalty of Rs. 5000?

Reply

144 Manish Chauhan March 17, 2011 at 10:43 pm

Rahul

NO you wont be charged the penality of 5k

Manish

Reply

145 Dheeraj March 23, 2011 at 8:59 pm

Hi Manish,

In this case, I think there would be 5k penalty leviable. Because income tax return for a given assessment year can be filed any time till the end of that assessment year without any penalty. If it is filed after the end of the assessment year, there is a lump-sum penalty of Rs. 5,000.

Reply

146 Manish Chauhan March 24, 2011 at 9:21 am

Dheeraj

I think I was wrong, you are correct .

Manish

Reply

147 Rahul March 26, 2011 at 12:16 am

Manish,

In that case why does the main article say,

“There should be no additional penalty or interest for not filing the return by July 31, 2009 ,provided you act now. You still have the time to file your return of income for the assessment year 2009-10 till March 31-2011.”

From this statement, my understanding is return of income for assessment year 2009-10 can be filed till March 31-2011 without penalty if the due taxes have already been paid in time.

Or is there a mistake in the article?

Rahul

Reply

148 Rahul March 29, 2011 at 12:27 am

Manish,

Can you share your views on the above?

Regards,

Rahul

Reply

149 Manish Chauhan March 31, 2011 at 9:58 am

Rahul

Looks like there is some confusion on wordings on article , because as far as I remember , you can file your tax returns in 2 yrs without any penalty incase you dont have any outstanding

Manish

Reply

150 Dheeraj March 31, 2011 at 11:12 am

Hi Manish,

A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.
However Belated return can be submitted within the following time-limits–
1. Within one year from the end of the relevant assessment year;or
2. Before the completion of the assessment, whichever is earlier.

Reply

151 Nicky March 27, 2011 at 5:46 am

Hi Rishabh,

I need your help with my taxes. I worked in India till August 2010 and relocated to US. In between i accepted a new offer in May 2010 so i worked with the first company till May and joined another in June till August 2010. In May i received my salary and Gratuity plus full and final settlement amounting to around 2.5 lacs and my new company deducted my taxes from my salary every month for three months amounting to around 27k. In addition i received around 50k as full and final settlement from the second company.

I have two questions, the first being would the Full n final settlement be utilized in calculating taxes and second being is gratuity, reimbursements and pay against leave taxable income.

Please help.

Thanks

Nicky

Reply

152 Manish Chauhan March 28, 2011 at 9:27 am

Nicky

Your Full and final settlement has to be treated as your income only . You need to find out if your company has cut the TDS and then paid you the money or without TDS ? If they have cut the TDS (which i assume they did) , then you just have to file the return.

Manish

Reply

153 Nicky March 29, 2011 at 10:23 am

Thanks a lot for you help Manish.

Regards

Nicky

Reply

154 Sunit Acharya March 27, 2011 at 2:52 pm

Hi!
I had not filed return for A 2008-09. But while applying for Visa, they are asking for it.

Though there was nil tax payable for AY 08-09, still I need to file ITR 1 for this.
I have a couple of queries:
1. what is the procedure for filing it now two years after closing of that assessment year. (if I file it by 31 March 2011)
2. Do i have to pay any penalty (I suppose the amount is Rs.5000).
3. What challan is to be used to pay the amount and what is the mode of payment of penalty (by cash or draft) and in whose favour the amount is to be made.
4. What documents are to be submitted to income tax authorities while filing ITR 1 for AY 08-09 late (i.e., by 31 March 2011)

Kindly guide me on this. I need to file this urgently.

Thanks
Best Regards
Sunit Acharya

Reply

155 Manish Chauhan March 28, 2011 at 9:24 am

Sunit

I think in this situation , its better to get hold of a CA , he will help you in this regard .

Manish

Reply

156 Pravin March 30, 2011 at 12:50 am

Greetings
Just saw your article by chance
It is informative and I am better informed of the law
Thanks

Reply

157 Manish Chauhan March 30, 2011 at 8:58 am

Pravin

Thanks for your comment . Keep reading :)

Reply

158 Hetal April 29, 2011 at 2:24 pm

Hi,

One of my friend have Form 16 for year 07-08,08-09,09-010. Among which 07-08 the tax was nil. for other two years tax has been deducted by employer.
Now his Visa needs to be processed. For which he has been asked for last three months returns. Though I read your post and seems that now only he can file it for 09-10 only.
But in post I also read that 5k per late year, so is it possible to file it for 07-08 and 08-09 with late fees.
is there any solution to solve this problem.

Thanks,
Hetal

Reply

159 Manish Chauhan May 2, 2011 at 12:26 pm

Hetal

Yes , he can file for last all years, but it will attract more penalty and better now he catches a CA

Manish

Reply

160 Ranjit May 16, 2011 at 12:27 pm

If my net taxable income is zero then can I late file the returns (which is zero anyways). Say for previous year 08-09 and assessment year 09-10 I was supposed to file it by 31st March 2011 according to this article. Can I file it now that the date is past? Will I be subject to fine or penalty?

Reply

161 Manish Chauhan May 17, 2011 at 7:34 pm

Ranjit

Yes you can file hte returns later , but the penalty will apply to you in the same way aas other , penalty has nothing to do with the amount of tax you have to pay .

Manish

Reply

162 p May 20, 2011 at 1:34 pm

Hi,
Thanks for the excellent info. My case is also like Ranjit. I am going to file the returns for fin year 09-10 this yr. But didnt file for the previous 2 years (i.e. fin yr 07-08 and 08-09) even after paying all my taxes. Now, came to know that IT return document of last 3 years are required for visa processing. Am at a loss what to do ! As per your article, I will have to pay some penalty. Whom should I approach for this ? I want to know the time frame required for the whole process as I am in a hurry.

Reply

163 Manish Chauhan May 20, 2011 at 1:45 pm

Meet a CA , he will tell you exact steps

Manish

Reply

164 p May 20, 2011 at 2:01 pm

thanks a lot

Reply

165 amit June 22, 2011 at 4:35 pm

Dear Sir,

I am not paid tds on professional fees for the 2009-10 now i am paid on 20/06/2011 so my query is a in which period i am issue the certificate of tds

Regards

Amit

Reply

166 Manish Chauhan June 23, 2011 at 7:29 pm

What matters is if you have paid the final tax or not ?

Manish

Reply

167 harsha June 28, 2011 at 9:01 pm

Hey Manish,
Kudos for the wealth of information in Jago Investor.
I’ve been non-resident since 2006, and only recently verified that from FY2007-08 to till latest FY2010-11, small amounts of TDS were deducted in my bank accounts. I’ve not filed any returns, thus TDS is not claimed back.

The e-filing website looks like to allow me to submit returns from FY2006-07 onwards. Do I need to file returns for all those missed years? or Can I just file for FY2009-10 and FY2010-11?

Your answer will be appreciated.

Reply

168 Manish Chauhan June 28, 2011 at 10:16 pm

Harsha

Did you had any income in India above taxable limit , If yes only then you need to file the tax returns , other wise not .

Manish

Reply

169 harsha June 29, 2011 at 7:55 am

I’ve no taxable income in those assessment years, even though small amount of TDS was deducted from my NRO account. As a result of non-filing, I lose the TDS deducted.

However, I’m filing returns to claim the TDS for FY2009-10, and 2010-11.

Thanks manish for the quick response.

Reply

170 Manish Chauhan June 29, 2011 at 11:00 am

Harsha

In that case you dont have to file the returns for those years . Just file it for the last 2 yrs with some late fee . thats all .

Manish

Reply

171 Ranjit August 12, 2011 at 8:37 pm

Harsha,

Interest earned on amount parked in an NRO account is taxable. Some banks deduct it as TDS automatically if the interest earned is above a specified limit. If it is below this limit the banks are not required to deduct TDS and if they are then you should inform them not to do so.

Reply

172 prasad July 1, 2011 at 12:02 am

hi manish

can i get refund for the financial year 2009-10, if i file IT return now ? then how can i?
i have refund amount 16000 (194c) worked on contract basis

please let me know asap.

Thanks in advance
Prasad

Reply

173 Manish Chauhan July 1, 2011 at 2:10 am

Prasad

No , refunds are possible only if you file the returns on time . else not

Manish

Reply

174 Soumyajit July 8, 2011 at 12:53 pm

Hi Rishabh,

According to my calculation my income tax should be Rs. 13223 for the financial year 2010-11 (Assessment year 2011-12). Due to change in employer my tax was not deducted properly in TDS. So far the TDS amount is Rs. 1937. That means I need to pay remaining Rs. 11286.

Now, I have missed the date 31st March, 2011 for paying the remaining amount. I am aimimg to pay the remaining amount before 31st July, 2011 and want to file it.

Could you please let me know what is the interest I need to pay on the top of remaining Rs. 11286 if I pay before 31st July, 2011.

Regards.
Soumyajit

Reply

175 Manish Chauhan July 9, 2011 at 6:01 pm

Soumyajit

I think its only the balance you have not paid is to be submitted by 31st July , But for a better answer I suggest you ask it at our forum : http://www.jagoinvestor.com/forum/

Reply

176 Satish July 14, 2011 at 9:42 pm

Hi Sir,

I worked for X company from Apr 10-Jun 10 and Y Company from Jul 10 -Mar 11. If I submit the form 16 of X company, I need to pay 20K + now.
what will be the consequences of not submitting the form16 of Company X and just file IT Returns with Form16 of Company Y.

thanks,

Reply

177 Manish Chauhan July 18, 2011 at 5:31 pm

Satish

Its illegal , you need to show your full income as per tax laws .

Manish

Reply

178 apoorva July 16, 2011 at 9:19 pm

Hi sir,
please send some examples how to fill salary returns, persons with only salary income, persons with salary and rental income, and persons with salary income and borrowed housing loan and with a small income from SB a/c, different scenarios please.
thanks

Reply

179 Manish Chauhan July 18, 2011 at 3:49 pm

Apoorva

I think there are many videos on youtube on this . Also do you really want to do it in such detail when you can pay less than 200 and do it in 10 min ?

Manish

Reply

180 Gopi July 19, 2011 at 10:43 am

Hi Sir,

After filing the returns is there way to file the income tax again.
I have different case with me. I received the Form-16 and I filed the ITR as well. Later I realised that I forgot to include my rent income on my flat.
Now, how should I handle this?

Thanks
Gopi

Reply

181 Manish Chauhan July 19, 2011 at 11:16 am

Gopi

You should recalculatingt things . see if there is anything to be paid or to get back and then refile teh returns .

Manish

Reply

182 Gopi July 19, 2011 at 11:31 am

Thank you, for the quick response

Reply

183 Samir Phand July 19, 2011 at 6:10 pm

I changed 3 jobs in Fin. Yr 2010 – 11. My latest Employre deducted TDS only income I earned their employmnet, They are not considered my previous income at the time on TDS deduction. Now I am lyable to pay total tax for the Fin. yr 2010 – 11 is Rs. 15325/ Inwhich Rs 1110/- is deducted by last employer.
I have a question, Is I am liable to pay interest on late tax ( remaining tax i.e. ( 15325-1110=14215 rs. ). I am submitting reture before Jul -11. If yes then How it is calculated?
If not please tell me rule No and details so I can pay only remining tax amout.

Reply

184 Samir Phand July 19, 2011 at 6:13 pm

What is mean by Advance Tax Paid?

Reply

185 Sohan July 21, 2011 at 9:23 pm

Hi,

I have a slightly different kind of problem. Last ear (A.Y. 2010-11) was the first time i filed my taxes but used the services of some consulting company to get it done…..they provided me with a stamped copy of a paper as the acknowledgement and took my signature on a copy to send to the bangalore office….since then I have not received anything acknowledgement from them!…

Is there a way to check if my returns were filed successfully? Also, will I be charged a fine for it? I had to tax liability but had a refund that im waiting for :)

Thanks a lot in advance

Reply

186 Manish Chauhan July 22, 2011 at 1:47 pm

Sohan

I have done this myself , you generally get ack from those guys itself who do the return filing for you . Ask them for acknowledgement

Manish

Reply

187 Manjunatha July 24, 2011 at 2:10 am

Hi,
It was nice reading your article. Appreciate your work.
I had two questions. I have made mistake in not paying the taxes for FY 2009-2010. I oweRs.1796 from short term capital gains. I have in my e-returns shown my capital gains income(Rs.11976),but actually forgot to pay my taxes. Can i make a online payment now for FY 2009-2010 taxes i owe? What would be the tax implications and penalty? Will the income tax dept, dig through my all returns till date just because i defaulted in paying 2009-2010?

Reply

188 Manish Chauhan July 24, 2011 at 2:22 pm

Manjunatha

you can now make the payment of taxes but with penality , the amount of penality , I am not sure .. you should take help of CA on this .

Manish

Reply

189 Pavan July 28, 2011 at 1:52 am

Hello Manish, Rishabh
My friends are saying that now the rule have changed and strictly we have to file tax returns before 31st July 2011 or else pay fine of Rs.5000 even if it done before March 31st 2012.
Is it so?
And, I have still some tax liability for the Assessment year 2010-2011. Now how do I file tax return online?
if not possible online, then kindly tell me the process.
Thank you very much in advance.
Pavan

Reply

190 Manish Chauhan July 29, 2011 at 11:49 am

Pavan

No its not true .. You can file the tax return upto July 2012 , after that there is penality . You will loose the right to claim the refund or mention any mention of capital losses if you file it after 31 july 2011 thats all

Reply

191 Kunal July 30, 2011 at 1:31 pm

Thanks Manish for the wonderful article.

I just wanted to clarify a few things from you.

1. I submitted my 2010-11 by due date 31/07/10 but did not deposit the income tax in the bank. do i also attract penalty of 1% per month if i pay it now?

2. (a) My aunt is widow and a govt. employee. she is getting a salary of rs.12500/m and a family pension of rs 16000/m. Is there any exemption/rebate on family pension scheme.
(b) She recently sold the property purchased from the amount recieved from LIC maturity my uncle’s death. and re-purchased two properties worth rs. 29 lac and 17 lac respectively. How much tax will it reflect on these properties and profit on the sale of old one.

Pls look into the matter.

Reply

192 Rajesh Jain August 1, 2011 at 11:05 am

hi Manish
One my friend has not submitt his salary return for asst. yr.2009-10, 2010-11 which tax had been deducted by their employer by way of TDS & he got the Form 16 now what is advantage & disadvantage of non filing of return If he want to file return what panelty proceedings might be.

regards
Rajesh Jain

Reply

193 Manish Chauhan August 1, 2011 at 8:10 pm
194 Sarvesh Yadav August 6, 2011 at 2:04 am

Hi Mr Parakh,

In year 2008-09 I worked from
April to July 2008 in one company in India and the tax was deducted from my salary by employer.
July to Sep 2008 in another company in India and the tax was deducted from my salary by employer.
Sep 2008 to Jan 2009 in Saudi Arabia where I received my salary as inward remittance, no Tax deduction here.

I need to file return for my earnings in 2008-09 and a CA told me that I need to pay tax on my earnings in Saudi Arabia. I would like to know if I can save on paying tax on my earnings.

Thanks,
Sarvesh

Reply

195 Manish Chauhan August 6, 2011 at 10:27 pm

Sarvesh

No , you cant ,. if the money is recieved here .. then the tax will be there . .

Reply

196 Santosh Joshi August 6, 2011 at 4:17 pm

Sir, I have not yet filed my IT return for the year 2010-11 so, i just wanted know how late i can file my IT return. what is the rule say.

Thanks for your reply
Santosh Joshi
From South Africa

Reply

197 Manish Chauhan August 6, 2011 at 8:27 pm

Santosh

If you didnt had any more tax to be paid , then you can wait for next 1 yr and still return it without any penalty , but after that you will have to pay the penality at Rs 5000 per year . but if you have any tax to be paid , then you will be charged 1% per month

Manish

Reply

198 Dwarika Singh August 9, 2011 at 9:21 pm

Sir,
I am a salaried person, and my taxes have been paid by the employer and I have my Form 16 for last 5 years i.e. financial year-2006-07 to 2010-11.
I had not filed my return for last five years. This year, I have filed for last 2 financial year 2009-10 & 2010-11 online. and send ITR V to Bangalore as advised.
Now as I have not filed 3 returns ( 2006-07, 2007-08 & 2008-09), what have I to do for the same?

Reply

199 Manish Chauhan August 9, 2011 at 9:26 pm

Dwarika

Its too late for filing those returns , better you meet a CA on this .

Manish

Reply

200 Dwarika Singh August 9, 2011 at 9:35 pm

I have seen on the e filing site that entails – return can be filed online for last five financial years by selecting “select assessment years” on
, which shows AY 2005-06 to 2011-12 ??

Reply

201 Manish Chauhan August 10, 2011 at 10:43 am

Dwarika

Great .. that means you can do it , i didnt knew about that .

Manish

Reply

202 Dwarika Singh August 14, 2011 at 11:52 pm

??? I could not find the answer?

Reply

203 Manish Chauhan August 15, 2011 at 9:25 am

Dwarika

generally if your filings are missing for 2-3 or more years .. Its suggested to meet a CA

Manish

Reply

204 praful August 12, 2011 at 7:44 pm

i have not filed returns for the last year. I need to pay the penalty amount. but i want to know what is exact process to pay the amount. i mean do i need to go to any office and file any form ? or i can pay online from the website my tax+penalty amount ? please tell me the office addresses in mumbai or the website name ?

Reply

205 Manish Chauhan August 15, 2011 at 9:41 am

Praful

http://www.jagoinvestor.com/forum/ will be a better place to get this answer

Manish

Reply

206 Ashok August 23, 2011 at 1:35 pm

Hi Manish,
I haven’t filed my income tax return for year 2010-11 yet. My employer company already deducts tax on my salary as per rules. Also, I paid tax through online challan for short term capital gains for my demat account (@ 15% of gain as tax + 3% surchange on this tax) as well as interest earned on my saving bank account (according to my tax slab according to my salary at my company). I paid online tax on 31st July.
Are these as per rules? If not, how much more I need to pay in order to be able to file tax return now?
What alll forms I need to fill and submit and where can I download them from?

Regards,
Ashok

Reply

207 Manish Chauhan August 23, 2011 at 8:33 pm

Ashok

You can use the tutorial in this article : http://www.jagoinvestor.com/2011/07/online-tax-returns-efiling.html

Reply

208 vishal mishra September 26, 2011 at 1:20 am

Hi everyone

I need some help.

One of my friend wants to file his income tax return for business income for the A.Y. 09-10, 10-11 & 11-12, and the net profit for the A.Y.09-10 & 10-11 would be below taxable limit and for the A.Y. 11-12 he will pay some tax. He want to file his return just to take a loan from the bank.

My question is whether he will have to pay any penaly for late filing of I T return for the A.Y. 09-10 & 10-11.

Looking forward to hearing from all of you soon.

Best Wishes
Vishal Mishra
Delhi

Reply

209 Manish Chauhan September 29, 2011 at 9:54 am

Vishal

IF you read the article , you will come to know that there will be penality for this , also please ask your friend to meet a CA

Manish

Reply

210 Dhivya September 29, 2011 at 11:21 am

Hi,
I have a refund amount for the assessment year 2007-2008. When i check the status online it says “Refund cheque returned undelivered by the postal department as the house was locked”. How to get the amount now. Please guide me.

Also,
i have refund for the current assessment year too [2011- 2012]. When i check the status online it is not showing any refund amount. When can i get the amount from the IT department. Do let me know.

Thank You,
Dhivya S

Reply

211 Manish Chauhan September 29, 2011 at 11:32 am

Dhivya

You should ask it on our forum , that will give you better answers , there are subject experts there : http://www.jagoinvestor.com/forum/

Reply

212 Manish Chauhan October 4, 2011 at 9:47 pm

Dhivya

Its not so straightforward to get a refund like this .. you need to re apply for it

Manish

Reply

213 Krishna Mentreddi September 30, 2011 at 11:13 am

Hi Manish,

My previous employer, which is a Consulting firm, is not providing me neither Form16 nor TDS certificate. This is from the period of December 2010 till April 2011. After that I joined a different company. I was in US before December 2010 and I filed taxes in US for the year 2010 (Jan 2010 to Dec 2010). I will file taxes from May 2011 to March 2012 next year. So I will be defaulting the taxes for the period of Jan 2011 to April 2011. Any suggestions if this will create problems for me if I apply for a home loan or auto loan? Or will I get in to any legal issues?

PS:- I never worked in India or had any source of income in India before Dec 2010. So I have never paid taxes in India until now.

Reply

214 Manish Chauhan October 4, 2011 at 9:22 pm

Krishna

Why were you even paying tax in india .. did you earn in india ? If not, then you need not ! .. also for taking home or auto loan .. generally banks as for tax proofs , but i m not sure what will they ask for a person who was never taxable in India

Manish

Reply

215 Krishna Mentreddi October 5, 2011 at 11:39 am

Manish,

Thanks a lot for replying. I worked in India in the months of Jan, Feb and Mar 2011 and my payslips show that some Tax amount has been deducted. I was a consultant then and was working for a client through a consulting firm which was running my payroll. Later I got in to permanent roles of the client. But I’m not receiving the Form 16 or TDS certificate from this consulting firm, so I did not file taxes in India for these 3 months. So, wanted to check with you if this will put me in troubles in future.

Reply

216 Manish Chauhan October 6, 2011 at 7:25 pm

Krisha

You do not become a resident indian for taxation purpose then.. because you worked for only 3 months , also your salary might be less , and do not cross taxable limits .. you are infact eligible for tax refund

Manish

Reply

217 Manisha Gupta October 2, 2011 at 3:50 am

Hi Manish,

Thanks for wonderful article with so many examples and scenarioes.

I have one problem related to my tax refund for FY 2008-2009. I work in Pune, but in July 2009, since I was on vacation and went to my hometown Jamshedpur, so I filled the IT-return form as per my form- 16 sheet given by my company(Infosys). I signed the form and gave it to my father to submit it to Income Tax office in Jamshedpur. He submitted and gave me the duly stamped acknowledgement receipt. But I have not yet recevied my refund yet which is of around 2300 Rs. And when I enquire online about my tax refund (https://tin.tin.nsdl.com/oltas/refundstatuslogin.html), it says -” Your assessing officer has not sent this refund to Refund Banker.” It means, the Indian IT department doesn’t have my tax-return filing details. In this situation, what I should do? Can I resubmit the IT-return through online? Bceause afterwards, I submitted my all years IT-returns, I got my refund.
Please guide me. As my husband has the same problem and collectively our (my 2300 and his 6000) 8000 Rs. is stuck.

Thanks,
Manisha

Reply

218 Manish Chauhan October 4, 2011 at 7:41 pm

Manisha

Yes .. you should be resubmitting the filings .. you should have done this some time back itself .. see a CA i would suggest .. he can help you in gettingmoney back faster at some fee .. that would be better

Manish

Reply

219 dayna October 4, 2011 at 6:09 pm

first thanx a alot for this informances ……. i am working some where .. i know tally but i don’t know about the rule of tax…. and i am thanx to you because one of CA told me if you PAY TAX LATE YOU HAVE TO PAY LATE FEE OF PENALTY IS 150,000 …BUT THANX TO YOU I WHAT IS TRUE……

Reply

220 Manish Chauhan October 4, 2011 at 6:58 pm

Dayna

Good to hear that :) ..

Manish

Reply

221 shalin October 6, 2011 at 1:05 pm

Hi,

This is a really helpful and informative article. Thanks for sharing this information. I have a query which is related to this article and hope someone can help me on this. I am a salaried person. My employer had deducted TDS for year 2010-11 and submitted it to government. However, I did not file my return. I am a 23 year old guy and do not know much about returns. But now I know that I had to do it. But I have missed filing my return for last year. Now, 2000 rupees was deducted as TDS by my employer. However, as per the investments I made in a tax saving mutual fund, I can get those 2000 rupees back (I invested 50000 rupees in Mutual Fund). How do I do it? Can I get my deducted TDS back? Please see if you can help my query. Thank you so much in anticipation. Looking forward for a positive answer :)

Regards,
Shal

Reply

222 Manish Chauhan October 6, 2011 at 7:17 pm

Shalin

If you have not filed for your returns on time , you have lost the opportunity to get back the refund . forget it .

Manish

Reply

223 Sridhar October 11, 2011 at 7:29 pm

Hi Manish,
Thanks for an informative blog.

I have not filed my returns for 2008-09, while trying to file returns online it didnt allow me. I am salaried and tax as been deducted at source. Is there anyway i can file or i am not at all allowed to file, i need this for obtaining visa wherein i have to furnish ITR for last 3 years.

Please let me know on the same

Thanks
Sridhar

Reply

224 Manish Chauhan October 14, 2011 at 11:38 am

Sridhar

Your case is not a normal case now , please meet a CA

Manish

Reply

225 reach October 12, 2011 at 10:00 pm

hi i worked in an institution for 7 months and then was on leave for 5 months in that year for which i was not paid ….should i pay the tax returns for that 6 months alone…

Reply

226 Manish Chauhan October 14, 2011 at 11:14 am

Reach

For tax purpose ,, the only thing which is considered is how much did you earn in a year , no matter how

Manish

Reply

227 Jay November 1, 2011 at 11:27 am

Dear Rishab,

I am new to the income tax. I haven’t paid my income tax since 2009-10 and 2010-11.
History – I am working with a firm and get consolidated salary.

For the year 2009-10 when i calculate my tax it shows as below
Income-tax(Including surcharge,EC & SHEC) on Rs. 0 is Rs. 0.00
Surcharge Rs. 0.00
Education Cess Rs. 0.00
Secondary and Higher Education Cess Rs. 0.00

For the year 2010-11 when i calculate my tax it shows as below
Income-tax(Including surcharge,EC & SHEC) on Rs.8,000 is Rs. 8,240.00
Surcharge Rs. 0.00
Education Cess Rs. 160.00
Secondary and Higher Education Cess Rs. 80.00
to the above i also have a LIC Policy of 16,000 per year.

Can you guide me how start paying both year taxes and also file the return.

Reply

228 Manish Chauhan November 5, 2011 at 1:49 pm

Jay

Its suggested for you to meet a CA now, its too late for you to try out things on your own ‘

Manish

Reply

229 SHEKHAR November 1, 2011 at 12:11 pm

What are the rules for NRIs in this matter? I have not been able to file returns from FY07-08 onwards.

The IT website has the excel workbooks for tax return filing. Can I use those for filing the old returns?

Thanks and regards,
-Shekhar

Reply

230 Manish Chauhan November 5, 2011 at 1:47 pm

Shekhar

There are no different rules for NRI’s , everything is same for you . you can use those excel’s for filing the tax returns , but you should not contact a CA if you missed old returns

Manish

Reply

231 C. S. Marathe November 5, 2011 at 8:38 pm

Hello Manish,

Thanks a lot for you reply.

But why are you saying “you should NOT contact a CA if you missed old returns”? What if I have any doubts while using the excel sheets?

Thanks and regards,
-Shekhar.

Reply

232 Manish Chauhan November 5, 2011 at 8:52 pm

Shekhar

err. .. i actually meant that you should meet a CA , as you missed some old returns , the things are now complicated , so better spend some money on proper guidance .

Manish

Reply

233 C S MARATHE November 8, 2011 at 9:28 am

Hello Manish,

Thanks for your quick reply. I read in this blog that taxsmile web site allows filing old returns. Can it be considered as a CA in my case? Can you suggest any other sites?

Actually I had tried to find out if any website does allow filing old returns. But most of them only did the current year returns.

Regards,
-Shekhar.

Reply

234 Manish Chauhan November 8, 2011 at 9:34 am

CS marathe

If taxsmile does file old returns , then you should use it , I am not aware of hte interface and how effectively it takes your data , but a CA would make sure he understands your situation well

Manish

Reply

235 C S MARATHE November 8, 2011 at 5:23 pm

Hello Manish,

Is it compulsary for NRIs to file returns even if the total income in India is below the basic exemtion limit? I read following on taxsmile website,

“You do not need to file an Income Tax Return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.”

Is the above true for income from all different sources? In that case can I skip the return filing for such financial years? Will I have to pay the penulty later when I restart filing after say returning to India?

Thanks and regards,
-Shekhar.

Reply

236 Manish Chauhan November 10, 2011 at 6:52 pm

Shekhar

You need to file returns only when it goes above the taxable limit , else you dont need to

Manish

Reply

237 Vimol November 2, 2011 at 5:47 am

Hi,
I have filed my IT return on 31st July 2011. My acknowledgement says i have to pay some balance tax. Please let me know how should i pay the balance tax? what is the form number?

Thanks & Regards,
Vimol

Reply

238 Manish Chauhan November 5, 2011 at 1:36 pm

Vimol

You can make the tax payment at https://tin.tin.nsdl.com/ .

Manish

Reply

239 C S MARATHE November 8, 2011 at 5:20 pm

Hello Manish,

Is it compulsary for NRIs to file returns even if the total income in India is below the basic exemtion limit? I read following on taxsmile website,

“You do not need to file an Income Tax Return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.”

Is the above true for income from all different sources? In that case can I skip the return filing for such financial years? Will I have to pay the penulty later when I restart filing after say returning to India?

Thanks and regards,
-Shekhar.

Reply

240 Vishal Mishra November 8, 2011 at 4:32 pm

Hi Manish

I need some information.

One of my friend having a flat in DDA and for which he has to deposit Rs. 10 Lacs towards the installment amount. His father got Rs. 10 Lacs from his retirement from DTC Bus Service which is already a tax free income.

My First question is, whether he can take Rs. 10 Lacs from his Father and transfer in his bank account and subsequently he will issue DD from his bank account for depositing the same to the DDA Authority. or

Can his father directly deposit Rs. 10 lcas to the DDA Authority,

Also note, property is in the name of son.

Second Question, If father transfers the amount to the son’s Bank account whether there will be any tax laibility in the hand of son or Son can show this amount as a gift or loan.

Third Question, If son’s show this amount as a gift, is there any upper limit for the gift amount or they can do transaction of the any amount, as this transaction is between blood relation.

Please advise.

Best Wishes

Vishal Mishra

Reply

241 Manish Chauhan November 10, 2011 at 6:55 pm

Vishal

Its advisable for him to take it as a loan from his father , if he does htat , he can pay the interest to his father and that interest can be claimed as a deducation upto Rs 1.5 lacs and as his father income might be less than the taxable limit, he might not have to pay tax ./

Read this : http://www.jagoinvestor.com/2011/01/income-tax-saving-tips-video.html

Reply

242 Vishal Mishra November 17, 2011 at 2:30 pm

Manish

Thanks for your advise.

Please tell me under which section he can claim a deduction up to Rs. 1.5 Lacs for the interest payment and how much minimum interest he can pay to his father.

and second, what about the gift option, because in the gift option he will not be liable to return this amount to his father but in case of loan he will have to return this loan amount.

Best Wishes

Vishal Mishra

Reply

243 Inder November 14, 2011 at 2:09 pm

Hi Manish

Need your advise on following scenario:

I had changed by job in Sep2009 and while filing return for financial year 2009-2010 only form-16 post Sep2009 was available hence only it was shown. Later on after several follow ups i got the form-16 (April2009 to Sep2009)from my past employer after 6 months which is showing TDS with out any rebate/exemption. Now i have received a letter from IT dept asking for the reason for not showing both the form-16 for FY09-10.

Reply

244 Manish Chauhan November 16, 2011 at 12:25 am

Inder

Form 16 is not mandatory , its just that you take the information out of Form 16 and use it ..

Manish

Reply

245 Inder November 16, 2011 at 4:17 pm

Pls advise that while filing revise return in such case what / at what rate would be the fine and/or penalty to be paid apart from outsatnding tax amount.

Reply

246 Manish Chauhan November 17, 2011 at 11:21 am

Inder

Its adviced to meet a CA if its getting complicated, better to pay a fee rather than messing it up more

Manish

Reply

247 Inder November 17, 2011 at 1:49 pm

Hi Manish

Thanks for your valulable adivse.

Reply

248 Biswanath Sahoo November 18, 2011 at 9:18 pm

Hii Sir
my name is Biswanath Sahoo my Father have a business
but account was maintain by a CA firm
so my father have lack of Account TAX knowledge
since 2005 no TDS was deducted from payment therefore
IT dept imposed high penalty a lumsump Rs. of Rs.70,00,000.00 Lac
which was impossible to pay by my Father
plz Help
and also tell wat happen if my father failed to
pay the amount
plz plz plz
show some way….

Reply

249 Manish Chauhan November 18, 2011 at 10:04 pm

Biswanath

You need to clear the dues . what else ! .. meet the CA

Manish

Reply

250 Kaytee December 3, 2011 at 9:59 pm

Need a pointer, pleaseeeee!!!
I did file my taxes & got a ‘rejected’ e-mail since the signature was not valid. I re-did that and posted by speed post. This time, it reached the income tax office a day after the deadline. So, the rejection for this time was- deadline exceeded. What should I be doing at this point? Please advise!!!!!!

Reply

251 Manish Chauhan December 4, 2011 at 2:08 pm

Kaytee

Are you having any CA ? please meet a CA this time, you should be doing things on time and taking more care from next timne

Manish

Reply

252 rohit kasbe December 10, 2011 at 10:04 pm

Dear Sir,
I am working in Govt Dept, TDS is regularly deducted from my salary for which i had received form 16. But From A Y 2009-10 i failed to file IT return. Can i file it now for all three A y i.e. 2009-10,2010-11,2011-12. what are different options available to me. Please guide me & Thanks in advance.

Reply

253 Manish Chauhan December 11, 2011 at 6:19 pm

Rohit

Yes , you can , but better you meet a CA now ..

Reply

254 jaya December 11, 2011 at 1:19 am

hi,
I am a nri from Dubai, i have a NRO account in india. unknowingly I signed for a DTAA statement but i am not paying tax in the gulf country, but as per DTAA agreement with uae the bank is deducting less TDS. but i want to cancell the DTAA Statement and go for actual TDS. how to pay the excess tax and what will be the penalty. please let me know.

Reply

255 Manish Chauhan December 11, 2011 at 12:42 pm

Jaya

This can be answered by our forum members : please ask it there : http://www.jagoinvestor.com/forum/

Reply

256 rohit kasbe December 13, 2011 at 1:18 pm

Thank You Manish Sir,
My tax liability is nil, is penalty of Rs. 5000 attracts if i file return for f y 2008-09, 2009-10 now.

Reply

257 Manish Chauhan December 13, 2011 at 8:51 pm

Rohit

Was your income NIL even in those years ? then why do you want to file the returns for those years ?

Manish

Reply

258 rohit kasbe December 14, 2011 at 9:23 am

Thank You Manish Sir,
I have inocme by way of salary and tds is deducted on it. other than salary there is no any other income. Befor F y 2008-09 i filed my return regularly but form f y 2008-09 i failed to file it. can i skip fy 2008-09 & 2009-10 and directly file the return for f y 2010-11 before 31-3-2012.

Thanks ones again sir your advice is valuable for me.

Reply

259 Manish Chauhan December 14, 2011 at 11:24 am

Rohit

you can skip the filing of returns only if you have a below limit income ,else you should file it

Manish

Reply

260 AJITH KUMAR December 16, 2011 at 11:26 pm

Dear Manish,

As per my CA, returns for the year 2009-2010 had been submitted by end of january 2011 (late:)). Is there any way to know whether its submitted or not, as i havent received refund for the same. i checked through nsdl site. but status showing is not yet send. kindly let me know whether i will be able to know my returns had been filed or not.

Reply

261 Manish Chauhan December 17, 2011 at 11:34 am

Ajith

Refunds take time most of the time . for better answer ask your CA , he will have better clarity on this

Manish

Reply

262 shekhar January 11, 2012 at 11:14 pm

I want to transfer money from my savings account to my wife’s savings account. The money will be used for repayment for my son’s education loan taken from the same branch by a standing instruction.

Will the money be considered as my wife’s taxable income?

Reply

263 Ashal Jauhari February 4, 2012 at 12:49 am

Dear Shekhar, as the money is to be used for paying off the education loan & not for investments & thus the question of earning any income from the investments does not arise. Hence the clubbing provisions ‘ll not be applicable to you & money ‘ll not be the taxable income of your wife.

Thanks

Ashal

Reply

264 kumaran January 13, 2012 at 12:04 pm

Hi,
i Quit my previous company on July end and joined new company in Aug. now i have to give Income Tax proofs. What proof should i provide to show the tax paid in my previous company for the months, April, may, June and July. I have only salary slips. and dont have any settlement letter. Form 16 available only for the previous fiscal year. 2010-2011.
Advise me.

Reply

265 Manish Chauhan January 13, 2012 at 9:39 pm

Kumaran

I believe at the moment you have to give the proof of investments for income tax deductions , right ? So in that case its not about previous and new company , give the actual documents .

Manish

Reply

266 vikas narang January 14, 2012 at 7:27 pm

i did not filed my return till date for a.y 2011-2012 ,i have a refund of rs.10000 as my employer deduct Tds.now please advise me how could i get my refund of income tax. is it possible to file return now and get the refund OR REFUND IS NOT POSSIBLE AS I AM LATE IN FILLING MY RETURN ON TIME.

Reply

267 Manish Chauhan January 15, 2012 at 5:38 pm

Vikas

Yes , refund is now not possible because of late filing, only if you file your returns on time , you can claim a refund , else its GONE

Manish

Reply

268 Sai January 16, 2012 at 8:38 pm

Hi,

I have filed my return (ITR) for the year 2011-2012, but I received a letter from IT dept Intimation U/S 143(1) with a challan No. ITNS 280 of Rs. 490. My ITR filed for the year total income was 1,64,740 and TDS deducted from my employer is 3070 and this is also mentioned in the same letter with ITR-4 under sl.No. 40 total income tax refund 3070. Under sl.no 47 of ITR-4 net amount payable is 490. You know if I am asking you this is I am clueless and a newbie, so pls explain this or a link suggesting what I do. My burning question would be am I applicable for tax refund after I pay the Rs. 490 or else is it some sort of penalty or advance tax. Never in the previous years I have filed returns (5 years) have I received this Challan.

Help appreciated,

Thanx in advance

Reply

269 Ashal Jauhari January 18, 2012 at 8:39 pm

Dear Sai, if possible to you, can you please send me the scanned copy or PDF file of the Income Tax notice under section 143?

After going though the notice only, I can make any comment.

Thanks

Ashal

Reply

270 Sai January 18, 2012 at 8:51 pm

Yes I can do. I will surely in a couple of days.

Thank you

Reply

271 Sai January 18, 2012 at 9:31 pm

Hi Ashal,

I have the pdf files ready 6 of them 3.43 mb where do I send them.

Again thanx,

Reply

272 Ashal Jauhari January 18, 2012 at 9:39 pm

Dear Sai, please send the copies to my mail id – ashalanshu@gmail.com & also mark a copy to manish@jagoinvestor.com

In case some files are password protected, please send either the unprotected copies or password to open the same.

Thanks

Ashal

Reply

273 shounak January 19, 2012 at 3:14 pm

Dear Sir,
We had a business and we were regular in filling the returns until 2008. We didn’t do any business from 2008-Present and consequently didn’t file any tax returns since then.
Now, suddenly, I’m getting calls from Sales Tax dept that I gave 2 pay some random amount. one says Rs.35000, another says Rs.50000, failing to which there will be police prosecution. I have talked to my auditor he says he can handle the case but will have to give those people Rs.20000 as bribe. Since I live in a different city and cant go to the parent city for such purposes he says I can transfer amount in his account(my auditor’s account) and he will settle the issue.
Kindly let me know as what should I do in this case.

Reply

274 Manish Chauhan January 20, 2012 at 11:14 am
275 Neela January 20, 2012 at 4:22 pm

Hi,

I have not filed my returns for the year 2009-10 (AY 2010-11). Will I be able to file the returns now? Also, will there be any charges applicable for the same?

Thanks in advance.

Neela

Reply

276 Ashal Jauhari January 20, 2012 at 10:47 pm

Dear Neela, Yes you can file your return now. Please do hurry up before 31st march 2012.

Thanks

Ashal

Reply

277 Neela February 2, 2012 at 9:01 am

Dear Ashal,

Thank you for your response.. I have filed my returns..

Regards,
Neela

Reply

278 Eshwar January 28, 2012 at 12:58 pm

Hi,

For FY 2011-2012, I forgot to mention about my previous employment salary while submitting investment proofs to current employer. After calculating tax, I have tax due to be paid to IT.

1. when can I pay this tax? while filing returns by July 2012 or by March 2012?
2. Where can I pay this tax? online at the below link? https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp?
3. Form 16 from previous employer is not yet received. I have tax computation sheet provided by employer. Are they required while filing returns? form 12B to be submitted to IT while filing?

Thanks in advance

Reply

279 Eshwar January 28, 2012 at 1:06 pm

Sorry to ask another question. If the answer for question#2 is yes, then
1. what challan should I choose to pay? CHALLAN NO./ITNS 280
2. and then choose (0021)INCOME-TAX (OTHER THAN COMPANIES) and type of payment is (300)SELF ASSESSMENT TAX or (100)ADVANCE TAX.

Please guide

Reply

280 Ashal Jauhari January 28, 2012 at 4:50 pm

Dear Eshwer, Yes the challan No. is 280. Income Tax code 0021 & followed it by Advance tax 100 as you are paying your taxes before the closure of FY.

Thanks

Ashal

Reply

281 Ashal Jauhari January 28, 2012 at 4:35 pm

Dear Eshwar, Please do note you w’d have to pay your unpaid tax for the prev. employer before 31-03-2012 if you do not want to pay interest on your tax liability. If you do pay your tax after 31-03-2012, the interest ‘ll be payable @ 1% per month or a part of a month.

2. You can pay tax from the link shared by you.

3. Form 16 ‘ll be available to you only after closure of the current FY but as you do have the tax computation sheet, use it to pay your due tax. No form 12B is not to be submitted along with your Income Tax return to income tax deptt.

Thanks

Ashal

Reply

282 Muneswar January 30, 2012 at 11:44 am

Many thanks for your response Ashal. Will pay advance tax then

Reply

283 Datta January 31, 2012 at 12:53 pm

Hi,

recetly I’ve joined new comapny and i have not updated tax declaration and now it’s locked for updation. can I declare it while filing IT.

Reply

284 Manish Chauhan January 31, 2012 at 3:18 pm

Datta

I recommend get your answer from forum : http://www.jagoinvestor.com/forum/

Reply

285 Ashal Jauhari February 2, 2012 at 1:26 am

Dear Datta, Yes you may claim refund at the time of filing your income tax return for the current FY i.e. 2011-2012 in the month of May, June 2012.

Thanks

Ashal

Reply

286 Rajesh Mathur February 1, 2012 at 5:24 pm

I have not filed my returns for the year 2008-09 (AY 2009-10), will I be able to file the returns now as i have to claim refund

Reply

287 Ashal Jauhari February 2, 2012 at 1:18 am

Dear Rajesh Mathur, as the FY in question was 2008-2009, the lates tdate to file late return was 31 march 2011. It’s already over. So my dear friend, you can’t file now your late return & can’t claim your refund also.

Thanks

Ashal

Reply

288 Manish Chauhan February 2, 2012 at 2:49 pm

YEs you can do that

Reply

289 Rajesh Mathur February 3, 2012 at 7:12 pm

Thanks Manish..but as per Ashal this is not possible now ?

Reply

290 Manish Chauhan February 3, 2012 at 7:39 pm

Rajesh , my bad .. i was wrong ..

Reply

291 Sylvester February 6, 2012 at 11:35 am

Dear Mr. Manish / Rishab

I had a query relating to filling of Tax returns. I was working in Mumbai from 2007-2010. Since I joined in the month of Aug I was under the Taxable income limit in the FY 2007-08. However I for the FY 2008-09 and 2009-10, tax on Income from Salary was deducted at source for which i have the Form 16 as proof of tax paid. Since i had no other source of Income i did not file Tax returns for the 2 financial years. Also in mid Aug 2010 i left from India and have been working outside India since 2010. My company during final settlement also deducted a portion of Tax on salary for the period of April to Aug. Keeping in mind the scenario i wanted to know if filling of Tax returns is required since i havent yet filed any returns inspite of having my Form 16 as proof of tax paid. Your suggestion on this would be appreciated.

Thanks.

Reply

292 Manish Chauhan February 6, 2012 at 4:55 pm

Sylvestor

Filing of tax returns is mandatory as per law , you might not get caught , but the issue is tomm if you apply for any loan or further when you file the returns you might need previous tax filing references . So better do it now ,, catch a CA for this now . as its too later from your side

Manish

Reply

293 Ashal Jauhari February 6, 2012 at 5:24 pm

Dear Sylvestor, do you want to say that till date you have never filed a tax return?

Please confirm.

Thanks

Ashal

Reply

294 Raj Pigur February 8, 2012 at 4:55 am

Hello – I worked for one month Apr-2011 in India and earning is Rs 1,62,871. Tax amount 12352 has already been deducted. Since it is well below the cutoff of Rs. 1,80,000 minimum income, DO I NEED TO FILE TAX RETURNS ? Currently I moved abroad and dont have anyone in INdia to file my return…Please advice

Reply

295 Manish Chauhan February 8, 2012 at 1:15 pm

Raj

No , there is no compulsion of filing your tax return , however if you want your TDS back , you need to file the return ,and I think it would be wise to file it as its matter of 12k , just by spending few hundreds (Rs 200) you can file the return sitting abroad , then you can get back 12k , good deal I would say

Reply

296 Muneswar February 8, 2012 at 2:35 pm

Hi,
For some reason, if I dont get HRA exemption from employer, can I get it refunded while filing returns? If yes, how do we submit rent receipts?

Thanks & Regards,
-Muneswar

Reply

297 Ashal Jauhari February 8, 2012 at 9:24 pm

Dear Muneswar, You may claim HRA benefit at the time of filing your Income Tax Return.

Thanks

Ashal

Reply

298 Munna February 9, 2012 at 11:00 pm

Hi I have a different scenario……I worked in in 1st company, left it in 10 feb and went to 2nd company on feb 20 and worked there till april 2 and left that company with out resigning.. Now in my 3rd company i did not mention about my 2nd company and now I have to pay tax……..now I have form 16 of only 1st company……so what should I do to pay tax for the 2nd company incom….I am submitting the first company form 16 in the 3rd company…….is there any problem for me…..in doing so…..plz guide me.

Reply

299 Ankur February 21, 2012 at 6:02 pm

What is the last date of Tax filing for FY 2011-12 ? also what is the interest if I don’t file before the last date for FY 2011-2012 ?

Reply

300 Manish Chauhan February 21, 2012 at 11:21 pm

Ankur

You can do it till July 2013

Reply

301 Ankur Sinha February 22, 2012 at 10:55 am

but what will be interest and penalty if i file late ? after 31st July 2012

Reply

302 Ashal Jauhari February 22, 2012 at 8:31 pm

Dear Ankur, I’m reproducing the content of the article from above for your better understanding.

The Implications of not filing the income tax return on time and the steps to correct the situation
Scenario 1# You do not have outstanding tax liability

In case you have already paid your taxes before 31 March, 2009, but could not file the return within the due date, you may file a return at any time before the end of one year from the relevant assessment year, simply put; for the financial year 2008-09 return can be filed at any time before 31st March 2011, however you may invite a tax penalty of Rs 5,000 u/s 271F of income tax act even if all your taxes have been paid if the same return is furnished after 31st March, 2010.
Scenario 2# You do have some Outstanding Tax liability

If you do need to pay any balance tax, there is some financial implication. The basic principle remains the same: The income tax return for a given assessment year can be filed any time till the end of that assessment year without any penalty. If it is filed after the end of the assessment year, there may be a lump-sum penalty of Rs. 5,000. On top of this, there is a penalty of 1% per month on the net tax payable u/s 234A.
Example:
Say, your income tax liability for the year is Rs. 40,000. You have TDS (Tax Deducted at Source) of Rs. 20,000, and you have paid an advance tax of Rs. 6,000. Thus, the remaining tax payable by you is:
Net Tax Payable = Income tax liability for the year – TDS – Advance tax paid
= Rs. 40,000 – Rs. 20,000 – Rs. 6,000
= Rs. 14,000.
[ad#link-unit]
Now there are two cases, which we have to consider
Case 1: File income tax return before the end of assessment year
Say you file your income tax return on 17th September, 2009. In this case, you would be filing your return 2 months late (partial months are considered as full months).
Final Amount = Net Tax Payable + Interest for 2 months at the rate of 1% per month Amount payable ,
= Rs. 14,000 + (2% of Rs. 14,000)
= Rs. 14,000 + Rs. 280
= Rs. 14,280
Case 2: File income tax return after the end of assessment year
Say you file your income tax return on 4th June, 2010. In this case, you would be filing your return 11 months late (partial months are considered as full months). On top of this, you would be filing the income tax return after the end of the assessment year for which you are filing the return. So, in this case,
Final Amount = Net Tax Payable + Interest for 11 months at the rate of 1% per month + Lump sum penalty of Rs. 5,000
= Rs. 14,000 + (11% of Rs. 14,000) + Rs. 5,000
= Rs. 14,000 + Rs. 1540 + Rs. 5,000
= Rs. 20540
Save some tax by understanding Income clubbing provisions of Income tax
Additional Scenario

You have losses that you need to carry forward. This applies irrespective of whether you have any net tax payable or not. If you do not file the income tax return for a year by the due date, a loss for that year can not be carried forward. The only exception to this rule is loss from house property– this loss can be carried forward even if the IT return is not filed in time. Thus, if you have a loss from any of the heads of income (except for the head “Income from house property”) and you file your income tax return late, you would not be able to carry forward your losses. Thus, you would lose the benefit of set off of these losses against the income of the next year.
Conclusion

Not filing a return on time does have financial implications, especially if you have a net income tax payable and/or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.”Better late than never” is the best policy when it comes to income tax return filing.

Thanks

Ashal

Reply

303 Ashal Jauhari February 22, 2012 at 12:52 am

Dear Ankur, Please replace the figure in the article from FY 2008-2009 to 2011-2012 & accordingly re adjust all the future dates & you ‘ll get the answer.

By the way, Dear Manish, it’s not 31st July, 2013. It’s 31st march 2014.

Thanks

Ashal

Reply

304 Rohit March 10, 2012 at 2:35 pm

I did not submitted/declared the Form12b of previous company to the current company, so the current company has not deducted any tax. After combining the previous company salary and current company salary, income exceeds the maximum amount not chargeable to tax. How can i pay the remaining tax?
Please provide me the details ASAP.

Reply

305 ASHAL JAUHARI March 10, 2012 at 6:41 pm

Dear Rohit, you may pay your taxes now on your own or request your current employer to pay the same from your march month salary in one lump sum.

Please decide which way you want to go.

If you decide to pay your taxes on your own, pleas inform that you do have netbanking or not.

Thanks

Ashal

Reply

306 Rohit March 11, 2012 at 10:33 pm

Dear Ashal, Thanks for your valuable advice. yes i do have net-banking facility.

If i don’t want to disclose my previous employer salary detail to my current employer, can i just ask my current employer to deduct tax as calculated by me from my march month salary.

Reply

307 ASHAL JAUHARI March 18, 2012 at 9:50 am

Dear Rohit, I’m not sure that your employer ‘ll oblige you or not but in general it should deduct the extra tax calculated on the other income as disclosed by you. At least Tax rules give this benefit for salaried class to consolidate their tax payment through their employer.

Thanks

Ashal

Reply

308 Manish Chauhan March 11, 2012 at 10:47 pm

Rohit

This question should be asked at our forum for better answers and followups : http://www.jagoinvestor.com/forum/

Reply

309 sumant March 11, 2012 at 4:13 pm

I had a business for around 10 years..suddenly i faced lot of loss and stopped paying my income tax for last 6 years..but from the last two years i have started a new business and have taxable income..iv not paid tax for those two years too(fy2010-11 and fy2011-12)..im planning to pay it this year..will it be a problem

and my shop act is in the name of my wife..my wife and i run the business jointly

Reply

310 Manish Chauhan March 11, 2012 at 6:20 pm

Sumant

You said that you didnt pay tax in last 6 years and now you are having taxable income from last 2 yrs only , so I assume earliar you never had taxable income ,then you should not even pay the tax , why are you worried ?

Reply

311 PHT March 11, 2012 at 10:35 pm

I am a salaried employee and TDS is deducted at source. I have not filed tax return for the financial year 2009-10, 2010-11. Can I file returns for both these financial years before 31st March 2012. What will be penalty?

Reply

312 Manish Chauhan March 14, 2012 at 12:45 pm

PHT

Yes you can file the returns now . for 2010 , you can do it without penality if you have already paid all the tax , but for 2009 you will have to pay Rs 5,000 as penality

Reply

313 Sanjay Thorat March 17, 2012 at 2:15 pm

Hi Manish,

TDS is deducted from my salary for FY 2011-12 and I am still liable to pay Advance Tax for my other incomes. I have not paid my advance tax yet. As per my knowledge, we need to pay it before 15th Mar. Are there any penalties or charges if I pay my advance Tax after 15th March but before 31st March?

An important thing: I still have to pay 40% of my total tax which was not deducted as TDS by my employer as it is the tax on my saved onsite allowance. So, is it ok to pay it after 15th March?

Regards,
Sanjay

Reply

314 Manish Chauhan March 17, 2012 at 2:31 pm

Sanjay

The person to answer advance tax related thing would be Ashal, who is active on our forum . Let me ask him to answer this one.

Reply

315 ASHAL JAUHARI March 18, 2012 at 9:52 am

Dear Sanjay, can you quote your tax deducted from your salary already & the advance tax liability? I mean the actual nos. you are asking about.

Thanks

Ashal

Reply

316 Sanjay Thorat March 18, 2012 at 9:01 pm

Hi Anshal,

The TDS of Rs. 1,67,390 has already been deducted from my salary and I am still liable to pay around 1.10 lacs of tax.

Regards,
Sanjay

Reply

317 ASHAL JAUHARI March 21, 2012 at 1:16 am

Dear Sanjay, as your tax liability is huge, my take please pay your taxes with out any delay. The total Advance Tax upti 90% of your actual liability should be deposited on or before 15th march but in your case you have already missed the deadline. The penalty ‘ll be applicable to you & it ‘ll only increase your pain. Please do hurry up.

Thanks

Ashal

Reply

318 ASHAL JAUHARI March 21, 2012 at 1:17 am

Dear Sanjay, as your tax liability is huge, my take please pay your taxes with out any delay. The total Advance Tax upto 90% of your actual liability should be deposited on or before 15th march but in your case you have already missed the deadline. The penalty ‘ll be applicable to you & it ‘ll only increase your pain. Please do hurry up.

Thanks

Ashal

Reply

319 Sanjay Thorat July 16, 2012 at 7:53 pm

Hi Ashal,

I had some unspent Per Diem allowance that I received during my US travel and I paid Advance Tax on it in March’ 2012. But, I am not aware how to mention this savings (income) while filing ITR. I am using ITR 1 form for filing my returns. I think it is neither 1. Income From Salary NOR it is income from other sources. Please correct me if I am wrong.
These savings/income is NOT mentioned in my Form 16 too.

Could you please advise on how do I mention this income in my ITR 1 form?

Regards,
Sanjay

Reply

320 Sanjay Thorat July 30, 2012 at 6:36 pm

Do anybody know answer to my question above?

Reply

321 Manish Chauhan July 30, 2012 at 9:13 pm

Sanjay

Did you search for it on google ? The search pointed me to this , which says that it has to be treated as “income” head . Read more in detail http://www.thehindubusinessline.com/features/investment-world/personal-finance/article2932242.ece

Manish

Reply

322 Sanjay Thorat July 31, 2012 at 12:23 am

Hi Manish,

Thanks for the link. There are actually 3 things:
1. This allowance is not paid as part of my salary.
2. It is not mentioned in my Form’16.

So, I think I cannot mention it under “Income from Salary”. I think I will mention it as “Income from other sources” for now and give explanation to IT department in case they ask about it.

Regards,
Sanjay

Reply

323 Manish Chauhan July 31, 2012 at 10:02 am

Yea better go ahead that way for now !

Reply

324 Sanjay Thorat March 21, 2012 at 12:28 pm

Thanks Ashal for your comments. I will pay the taxes online right away.

Reply

325 Gaurav Batavia March 25, 2012 at 7:57 pm

Hi,
I have not paid tax for A.Y. 2010-2011 and A.Y. 2011-2012. Is there a penalty of Rs. 5000.00?

Reply

326 kuldeep March 28, 2012 at 11:11 pm

Hi Manish/Ashal,
I am a salried person and pay tax through TDS and my wife is a house wife. Me and my wife has a house in our joint name and is rented .The rental agreement is between my wife and the tenant only and hence the tenant deposits the rent in my wife’s account(The account is again a joint account of me and my wife).
My query is , is the income received from rent consisdered as my wife’s income only or does it affects me and is to be added to my income thus increasing my tax liability??

Please assit.
Regards
kuldeep

Reply

327 Manish Chauhan March 29, 2012 at 11:08 am

Kuldeep

Why not make a rental agreement with your wife ? Rental agreement in your name and rent going to wife is not right from legal standpoint . For now you can count it is your wife income only

Reply

328 kuldeep March 29, 2012 at 8:18 pm

Dear Manish,
The rent agreement is in my wife’s name only and not in my name.

Regards

Reply

329 ASHAL JAUHARI March 29, 2012 at 3:39 pm

Dear Kuldeep, I want to know answers for few questions first. When this property was purchased? At the time of purchased. was your wife working? If yes how much amount she contributed for down payment? If she was neither working that time nor she contributed any money, what was the reason to add her name? Is the property in question is on home loan? If yes, what are the home loan details? how much rent your wife is receiving?

Please answer the same.

Thanks

Ashal

Reply

330 kuldeep March 29, 2012 at 5:02 pm

Hi Ashal,
My wife is a house wife only before the purchase of house and till date too. The property was purchased around two years back. As for adding her name , there was no such particular reason, I just bought it under joint name. Yes the property is under home loan and the EMI is being paid by self. The rent being received is INR5000/- per month.

Regards

Reply

331 ASHAL JAUHARI March 29, 2012 at 8:17 pm

Dear Kuldeep, in addition to all the info shared by you, please do share your home loan details also – like how much loan amount is there? What’s your EMI? Are you claiming Tax benefit on it or not? What’s the yly interest for your home loan?

Thanks

Ashal

Reply

332 kuldeep March 29, 2012 at 8:24 pm

Dear Ashal,
The loan amount is around 19.7Lachs , EMI-was Around 18000pm, ( Not sure of the new EMI effective April 2012) and is for 20 Years. Yes I am claiming the tax benifit on home loan, Yearly interest exceeds 1.5Lachs.
Regards,
Kuldeep

Reply

333 kuldeep March 30, 2012 at 10:25 pm

Hi Ashal,
Awaiting your response please .

Regards,
Kuldeep

Reply

334 ASHAL JAUHARI March 31, 2012 at 3:17 pm

Dear Kuldeep, from your query, I assume that actual interest is more than 1.5L Rs. but you are claiming the property self occupied & limiting your interest benefit to 1.5L Rs. Am I correct in my understanding?

Please clarify?

Thanks

Ashal

Reply

335 kuldeep March 31, 2012 at 4:39 pm

Dear Ashal,
Thats correct , I belive on the house loan when it comes to interest on the loan for one FY , 1.5 Lac is the maximum one can claim for tax benifit .

Regards,
Kuldeep

Reply

336 ASHAL JAUHARI March 31, 2012 at 4:46 pm

Dear Kuldeep, FYI – please 1.5L Rs. is the limit of home loan interest benefit for self occupied property but in case the property is on rent, there is no such limit. Whatever info you have given – in simple words you are not paying your due tax on income from house property or should I say, you are avoiding tax intentionally by making the rental agreement under your wife’s name. I’m not sure that you are aware or not but if you declare your property on rent under your own name, you can claim full interest benefit. For exact calculation, please quote your interest amount for the FY. Also quote the property tax paid to local municipal authorities.

For better understanding & discussion of your query, I w’d ask you to post the same in the forum.

http://www.jagoinvestor.com/forum

Thanks

Ashal

Reply

337 kuldeep April 3, 2012 at 5:26 am

Dear Ashal,
FYI the interest on the house loan for the past FY is 1.74L and the rental has started four months back(rental is INR5000 P.M) and before that the house was vacant.
It was really a good information that I wasnt aware of.
Also wanted to know that since am working in a different state while the house that is bought is in another state and hence not possible for me to self occupy that while keeping my job due to this I am also staying in a rented house in the area of my work place. Can I claim any tax benifit on the rental that I am paying. Havent done this as of now however I was guided by someone recently that I can claim tax benifit on the rentals that I am paying(along with claiming for tax benifit on house loan) since the house that is bought is far from my place of work.
Regards,
Kuldeep

Reply

338 ASHAL JAUHARI April 3, 2012 at 8:31 am

Dear Kuldeep, you may claim both benefits. tax free HRA as well as home loan. For HRA, please inform, how much basic salary & HRA you are getting, the rent actually you are paying, the city in which you are living?

For your home loan part this ‘ll be the calculation.
A. Annual Rental Value = 5000*12 = 60000
B. Rent which could not be realized = 5000*8 = 40000
C. Gross rent received = A – B = 20000
D. Property Tax paid to local municipal authorities = 1000 (I’m using for example purpose, please fill in your actual amount paid as property tax if any)
E. Net Rent received = C – D = 19000
F. Standard deduction for the rental income = 30% of E = 5700
G. Interest paid on home loan = 174000
H. Income From house property = E – (F + G) = -160700

As the H above is a loss, you can set it off against your salary income.

I request you to please post your detailed queries in the forum as advised above. You ‘ll get immediate answer as well as it ‘ll be easy to track for you.

Thanks

Ashal

339 kuldeep March 29, 2012 at 1:52 pm

Hi Manish,
Yes the rental agreement is between my wife and the tenant only not with me.
Regards
Kuldeep

Reply

340 Sanjay Thorat March 30, 2012 at 11:39 pm

Hi Manish/Ashal,
I have some questions about Tax computations:
1. Should Medical Treatments for wife come under “Section 10 – Medical Reimbursements” or “80DDB – Treatment of ailment for dependent”?
2. Can I claim tax exemption under “Section 10 – Medical Reimbursements” if it is not declared to employer and thus not deducted as TDS? Can we mention such re-imbursements in IT Return even if they are not in Form 16? Assume that I have receipts for such medical expenses.
3. Can we claim expenses Ayurvedic Therapies (like Panchakarma) and DENTAL treatments under “Section 10 – Medical Reimbursements” (and under 80DDB in case these treatments are for wife)?
4. If I surrender my ULIP policy (with single premium) before 3 years (1.5 years), do I loose tax benefit that I claimed for it?

Regards,
Sanjay

Reply

341 ASHAL JAUHARI March 31, 2012 at 3:19 pm

Dear Sanjay, do you mean regular reimbursement received from your employer against the medical expenses done for you & your family? Please confirm.

thanks

Ashal

Reply

342 Sanjay Thorat March 31, 2012 at 4:46 pm

Yes Ashal,

I mean the regular reimbursement received from your employer against the medical expenses done for you & your family.

Regards,
Sanjay

Reply

343 ASHAL JAUHARI March 31, 2012 at 4:48 pm

Dear Sanjay, you may claim the non taxable allowance under section 10, benefit for the health expenses for your wife at the time of filing your return within the over all ceiling of 15K Rs. For 80DDB case, please check that your wife’s case is eligible for 80DDB benefit or not.

Thanks

Ashal

Reply

344 Sanjay Thorat April 2, 2012 at 2:04 pm

Thank you so much Ashal.

Reply

345 ASHAL JAUHARI April 3, 2012 at 8:35 am

Dear Sanjay, If you have claimed the section 80C tax benefit on your ULIP & are surrendering the policy, before completing the 3Y period, the tax benefit is to be reversed in the year of surrender.

Thanks

Ashal

Reply

346 Sanjay Thorat April 3, 2012 at 1:08 pm

Thanks Ashal for answering my 2nd query.

Reply

347 Sanjay Thorat March 30, 2012 at 11:40 pm

Hi Manish/Ashal,
I have some questions about Tax computations:
1. Should Medical Treatments for wife come under “Section 10 – Medical Reimbursements” or “80DDB – Treatment of ailment for dependent”?
2. Can I claim tax exemption under “Section 10 – Medical Reimbursements” if it is not declared to employer and thus not deducted as TDS? Can we mention such re-imbursements in IT Return even if they are not in Form 16? Assume that I have receipts for such medical expenses.
3. Can we claim expenses for Ayurvedic Therapies (like Panchakarma) and DENTAL treatments under “Section 10 – Medical Reimbursements” (and under 80DDB in case these treatments are for wife)?
4. If I surrender my ULIP policy (with single premium) before 3 years (1.5 years), do I loose tax benefit that I claimed for it?

Regards,
Sanjay

Reply

348 verinder April 20, 2012 at 5:29 pm

i’m a govt. employee but I receive my 5 months salary after 31-march-2012 in Apr-12. and i don’t pay any advance tax.
my question is that whether my salary is taxable in fn-year 2011-12.
if YES then i have to pay Rs. 2000 tax .. then how to pay it Now

Reply

349 Manish Chauhan April 20, 2012 at 10:46 pm

You have to pay the tax on the amount when you recieve it .

Reply

350 verinder April 21, 2012 at 11:20 am

But our DDO told us to calculate tax on Accrual Basis not on Paid Basis. Is it ok??

According to Accrual Basis i calculate my tax as below… is it correct?

Total Income 254958
Saving 12248
Taxable income 242710
(-) 180000 62710
Tax 6271
3% Edu. 188
total 6459
1% Penalty 65
total tax 6524

Plz Reply…

Reply

351 Manish Chauhan April 23, 2012 at 10:48 am

Yes . it has to be on accrual basis only .

Reply

352 Rohanneet Singh Raina May 27, 2012 at 10:35 pm

Hello , I have not filled return for the year 2010-11 and 2011-12 that I’m a businessman and now I need income tax return for last two years for visa purpose , anyone help please how can I get return for both of these previous years ??

Reply

353 Manish Chauhan May 29, 2012 at 11:02 am

You have to file the return now , but i am sure it will take some time !

Reply

354 Iram June 4, 2012 at 12:32 am

Hi!!!

I filed the income tax return for the first time last year against the income of the year 2010-11. I filed it manually at ITO. But till now I have not received the refund. This year also I have to file the ITR. In this situation, what should I do get my previous year’s refund?

Reply

355 Manish Chauhan June 4, 2012 at 11:48 pm

Iram

In this case you should just file a RTI application

Reply

356 YRRao July 29, 2012 at 12:48 pm

Mr.Iram,
In my opinion, you have to wait for the refund to come automatically, because the manually submitted IT Returns take some time in processing. Alternatively you can search the http://www.incometaxindia.gov.in website to know upto which date the manually submitted returns of your IT Commissionerate have been processed.
To submit the IT Return for the FY.2011-12, I suggest you to go for online efiling of the IT Return. Because the CPC, Bangalore processess the Refunds very fast.

YRRao

Reply

357 nirpendra singh June 4, 2012 at 2:24 pm

Dear Sir\Madam,

Pls confirm the minimum gap between Two ITR filing date to be ?

Regards

Reply

358 Manish Chauhan June 4, 2012 at 11:36 pm

There is nothing like gap between two ITR .. who told you this ?

Reply

359 Anand June 22, 2012 at 6:12 pm

INCOME TAX RETURN FILING : FY 06-07 & 07-08

Now i want to return file next three years. But some one say me :now u can do return file only last 2 years.

Than what can i do ?
if i file last 2 years, any problem ???????

Reply

360 Manish Chauhan June 22, 2012 at 8:58 pm

This question is best suited for our forum : http://www.jagoinvestor.com/forum

Reply

361 Ashish June 26, 2012 at 8:53 pm

Hi,
Thanks for the informative article. I have a special situation because of my negligence. Wondering if you can help me.
For AY 2008-2009 (FY 2007-2008), I had e-filed my returns on 31st Jul 2008. Then I have to refile it for some correction and done the same on 12 Aug 2008. But I did not submitted the ITR-V to the department for both of the returns till today.
I realized it recently and get to know that I have a refund against that ITR. What can be done now? Should I sign the ITR-V generated that time and send it to CPC?

Thanks in advance for any useful information.

Ashish

Reply

362 Manish Chauhan June 27, 2012 at 9:46 am

Ashish

This question will be more suitable for our forum and I am sure you will get the right answer within hours : http://www.jagoinvestor.com/forum

Reply

363 YRRao July 29, 2012 at 12:32 pm

Mr.Ashish,
In my opinion, It is compulsory to send the signed ITR-V document to the CPC at Bangalore within a period of 120 days from the date of efiling of the IT Return else it will be treated as if no IT Return is submitted at all.

Hence in your case, no IT Return is submitted for the AY.2008-09 ever. So no question of IT Refund arises now.

YRRao

Reply

364 Anand July 6, 2012 at 7:48 am

All this say about tax return but what if i get paid in cash and exceed amount 1.6lac for year 2010-2011 and never paid tax at all,how to pay tax for that today (july 2012),i have salary certificate from employer
Please help as i want to avail home loan

Reply

365 Manish Chauhan July 6, 2012 at 7:40 pm

Anand

It was your responsibility to pay the tax each year and file it . Now meet a CA

Reply

366 Amol July 12, 2012 at 10:53 am

Hi,
Nice and informative artical for ones who wish to file IT return.
I have not filed returns for last 4 year;
and do not wish to file it in protest against on going scams and no investigations/recovery in those scams by the Govt.
Is there any procedure /way to legally declare so?
Thank you in advance,
Amol

Reply

367 Manish Chauhan July 13, 2012 at 11:12 am

Amol

I dont think thats legal as of now , you can protest in anyway, but not like this :)

Reply

368 Sandeep July 13, 2012 at 3:25 pm

Dear Manish,

I have two form-16s to submit this time, as I changed my work place on june 2011. Now when I go to file the returns, it shows that I need to pay 1.5 lacs. I kindly request you to let me know, is there any way through which I can do multiple part payments and finish the outstanding with in an year ie by march 31 2013 with minimum penalty/interest

Thanking you in advance
Regards
Sandeep

Reply

369 Manish Chauhan July 14, 2012 at 4:32 pm

Sandeep

You shoudl start a thread on our forum for this discussion http://www.jagoinvestor.com/forum/

Reply

370 nayana July 16, 2012 at 4:56 pm

how to claim hra in itr1? which section should i mention my hra amount as it is not present in my form 16

Reply

371 Manish Chauhan July 16, 2012 at 6:52 pm

Nayana

Better go to forum and start a thread on this – http://www.jagoinvestor.com/forum/

Reply

372 Allan July 25, 2012 at 10:10 pm

Hi,
I filled my IT return for A.y 2011-12 within 31st july 2011 but failed to send it by speed post to the IT office.I have refund of some Rs.8000 to be credited to my account.What should i do?Should i refile it and also will there be any fine for it?will i get the refund money?

Reply

373 Karthik August 1, 2012 at 12:17 pm

Allan,
You can send ITR V form within 120 days of efiling date.You will see the below message at the bottom of your ITR V form.

Please furnish Form ITR-V to “Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bengaluru – 560100,
Karnataka”, by ORDINARY POST OR SPEED POST ONLY, within 120 days from date of transmitting the data electronically

Reply

374 Sunil August 1, 2012 at 12:26 am

Hi
Is there any way to get old acknowledgement copies of manually filed IT returns or check the same online?
Thanks
Sunil

Reply

375 Manish Chauhan August 2, 2012 at 12:02 pm

I think it will be tough now , you will hav to contact the IT department for this , you can take help from our forum – http://www.jagoinvestor.com/forum

Reply

376 d sridhar August 24, 2012 at 9:21 am

sir,
i have home loan for 4 lakhs since 10 years, the property is my wife name, she is house wife, since 10 years my employee is not allowing for tax benefit , but i am applying return file, i am getting the difference(home loan benefit) of amount from income tax office, after 5 to 6 month. now question is now i am going for construction on the same property with 27 lakhs.i got home loan also. how to approach to our office or income tax take the benefit in the same financial year.
with regards
dsridhar

Reply

377 Manish Chauhan August 26, 2012 at 12:41 pm

You mean how to get the benefit by your employer ?

Reply

378 Sajal August 28, 2012 at 11:34 am

Hi Manish,

I have to pay my tax remaining from last year (FY11-12). Amount is Rs. 7000. I did not know how to pay remaining tax at that time so just left it and later forgot about it.
I wanted to know how much interest do I need to pay now? + penalty (Rs. 5000). And, do I need to pay it within this year’s due date or I can pay on later dates?

Regards,
Sajal

Reply

379 Manish Chauhan August 28, 2012 at 9:46 pm

Sajal

A better discussion and answer on this can be at http://www.jagoinvestor.com/forum

Reply

380 Subhash Roy September 16, 2012 at 9:29 pm

Hi,
I haven’t received the refunds for AY 2008-09 & AY 2009-10. I am not quite hopeful about getting it either.
Is there any way of accommodating this pending refund amount in next AY? Or else showing this amount as loss?
Please guide me.
Regards,
Subhash

Reply

381 Manish Chauhan September 17, 2012 at 6:28 am

You need to file a RTI now

Reply

382 Ratan Yadav September 22, 2012 at 8:21 am

I am working for a public sector and get pension from GOI. Roughly I include my pension in my present salary o pay tax. I did not pay any additional tax on my FDs (other than TDS by banks). Now I have got a notice under section 143 1(2) from IT Deptt. My bank a/c (salary) is now closed after transfer and FD also closed . I don’t have record. What I should do, please guide. Have I paid less tax on FDs?

Reply

383 Manish Chauhan September 22, 2012 at 9:41 am

Ratan

It might happen that you paid less than on FD’s . Yes .. Better you discuss it on our forum – http://www.jagoinvestor.com/forum/

Reply

384 Amit Kumar September 25, 2012 at 4:14 pm

Dear Sir

1.first of all i want to know how to make revised return if something we forgot in our ITR. for assessment year-2012-13
2. i also want to prepare last two year return (assessment year-2011-12 or-2010-11) i need your guideline for this

secondly sir i want massage alert in my email address related income tax time to time amendments.

Reply

385 Manish Chauhan September 26, 2012 at 11:35 am

Amit

You should discuss this thing in our forum in that case, there will be detailed discussion http://www.jagoinvestor.com/forum/

Reply

386 MM September 25, 2012 at 5:17 pm

Hi Manish,
I have a daughter who was born in year 2004 and she is legally blind. 100% disability. I had never claimed Rs.1,00,000 deduction for the disabled dependent until last year. The reason is that 1) I was not aware of this deduction 2) the percentage of disability could not be determined as she was too young. Can I now claim the refund for all the years starting form 2004-2005 to 2009-2010 ?
If so how ?
Thanks
MM

Reply

387 Manish Chauhan September 26, 2012 at 11:30 am

No you cant get any refund like that , its just a deduction for a particular year if you want !

Reply

388 Tushar November 16, 2012 at 11:18 am

Dear Sir, I Filed a return 08-09,11-12, but forgot to file 10-11, so Now Can I file return of 10-11 and what is penalty for it. My accountant have no knowledge for it. So please help me

Reply

389 Manish Chauhan November 20, 2012 at 4:47 pm

You can file it with penalty of Rs 5000 .

Reply

390 Vijay December 17, 2012 at 5:32 pm

Sir,
Due to personal finance problems I till date have not filed ITR for FY 2009-10/2010-11/2011-12 (Delhi Ward). Average tax for these FYs may be I think around 15K or maximum 22K. Before 2009 I was regular in filing ITRs + ST. I run a proprietorship business. The taxable figures quotes were aproximately what on average I was meeting prior to 2009. I also did basic business in all the above mentioned FYs. as well as in current FY too. I earned profits too in each mentioned years. All profits were spent on daily sustainence hence I could not file ITRs all these FYs. I have ST Code too. PAN card address is of year 2000. ST Codes have old address of prior to 2009. IT address is also old. None of these updated since 2009. Today is mid. Dec. ’12 and I still donot have money to pay Taxes (including ST). In sum total not a very rosy picture I have placed for solution. All my account books are also in mess including bank statements. I am still in terrible personal financial problems otherwise my CA used to tell me (prior to 2009) that I was always first in IT filing among all his (thousands) of clients but I have lost touch with CA too all these years. (may be I can try contacting him but the finances are the biggest worry I am facing and it is not that I donot wish to file ITR or pay ST).

I want to know what my opinions are? How can I ever pay IT + ST of so many previous years plus current financial year when I am not even able to meet monthly basic home expenses out of business I do? My friends circle donot wish to lend loan support. My family also not in psoition to lend loan support. Loan basically so that I pay taxes not for personal home expenses is what I mean here.

I am worried person today. Kindly help with doable opinions and take me out of my bad luck of all these years.

Reply

391 Manish Chauhan December 19, 2012 at 1:07 pm

I think you should not meet a CA , he should be able to help you in this situation in a better way !

Reply

392 Naveen Patil March 19, 2013 at 12:28 pm

“should not meet” or “should meet”, I think you meant the later …

Reply

393 Manish Chauhan March 19, 2013 at 12:32 pm

Yea I meant “Should Meet” :)

Reply

394 Sagar March 12, 2013 at 5:11 pm

Dear Sir,

I want to file my ITR Return F.Y. 2010-2011, 2011-2012.
I want to know about penalty my income is not taxable in F.y. 2010-2011 & 2011-2012. Suggest me

Reply

395 Manish Chauhan March 13, 2013 at 11:06 am

Why will you pay the penalty ?

Reply

396 shailesh Shetty March 18, 2013 at 8:08 pm

I have recd a notice from income tax dept for not filing my ITR for the 2008-09. they have shown a credit of 35 lakhs into my bank account. i was operating a small tours and travels business. i have not maintained any accounts. what should i do i am into a big mess. If i calculated i would have earned only 3 lakhs as profit from this business rest was all expenses. but i dont have anything to proof this expenses.

What to do suggest.

Reply

397 Manish Chauhan March 19, 2013 at 10:32 am

Truely speaking you are in big trouble now . If you do not have any proofs and any returns for that . its will be treated as an unaccounted money . Meet a good CA , he will be able to help you , but not a lot …

Reply

398 Rishi Bhatia March 26, 2013 at 12:06 pm

Hi,
I’m not sure if this can be answered. I’m unable to find my return for AY 08-09 (either in the tax department website, my old mails, etc). I’m not even sure if I filed a return or not. Is there a way I can check whether the return was filed, and if not, can I file it now? Is it needed, since I did not have any tax outstanding. I filed all other returns, and I’m able to find the related documents, but since that was my first year of professional life, I’m not sure if I filed or not.

Reply

399 Mayukh Mahapatra March 30, 2013 at 9:14 am

Hi,
I’m not sure if this can be answered. I’m unable to find my return for AY 10-11. (Either in the tax department website, my old mails, etc). I have filled for AY 09-10, 11-12, 12-13 (I have those proof with me), but not sure whether I filled for AY-10-11 or not.
Yesterday I have received one letter from income tax department as below
—————————————-
Sir/Madam,
Subject: Non filing of income tax return –Reg
1.The Income tax department has received information or financial transaction/activities relating to you. A list of some of the information for financial year 2009-10 onwards is provided overleaf. As per records, you do not appear to have filled income tax return for Assessment year(s) 2010-11.
2. You are requested to furnish your response in the enclosed proforma to the undersigned by post within 10 days. Please note that your personal presence or presence of any authorized representative is not required.
3. if no reply is received, within specified time, it will be inferred that you have not filed income tax return for the relevant assessment years and proceedings under income tax act, 1961 may be initiated.
Yours Faithfully,
(Income tax officer)
———————————————-
I am panic now. Do not know what to do. I am sharing details of my income for FY 09-10 (AY 10-11) below. Please provide your honest opinion. Please just not say “Contact some CA” (Anyway I will contact CA). But before that I need your opinion.
I am salaried Software engineer. I was worked for 2 different companies that financial year. I have 2 form16 for that year. When I calculate both form16, I found below details,
Total “chargeable under head salary” = 1509862
Total Tax deducted by two companies = 223340
Note: I had house building loan that time. Under 24(D), they considered 1.5L deduction and under 80(c) they consider 1L deduction.

Also to mention this house, I had rented for monthly 3k = 36000 Rs/ year (which were not included in this above calculation).

So can you please tell me how to file this return? And do I need to pay extra tax with penalty? And how much do I need to pay (including tax +penalty) if any?

Please help me. I am little bit tense, after seeing this letter from income tax.

Reply

400 Manish Chauhan April 3, 2013 at 10:47 am

Mayukh

I am still not clear if you actually FILED the returns for that year or not ? If not , then you are in trouble , because it amounts to tax chori :) .. The tax officer might impose upto 300% of the tax amount , which is on him .

Or did you file the returns, but did not show some part of income , still the difference amount of tax is considered as not shown and same penalty can apply

However if you have filed the return , and this notice is just come to verify things, then you can tell them that you filed it and can not locate the acknowledgements . You can get them using RTI anyways . ‘

Which is your case ?

Manish

Reply

401 Mayukh Mahapatra April 3, 2013 at 11:20 am

Please go thorough the story again. Summary:
I was switched betweent 2 companies that year and missed out to file the retrun. But Tax was deducted and paid by diferrent company. Only differenece amount of tax was not paid that year.

What i did after received notice?
I had consulted on CA here and he calculated extra tax including interest (u/s 234 a/b/c) was 60,900 INR and I paid that amount online challan on 31/03/2013. After that when I took all the documents and ask CPC Bangalore to take return for my ITR, they told we cannot take, you need to visit IT department. Then I went to IT department Bangalore office, they told as we its AY-10-11, we cannot take ITR1 for your case and we need to wait till we receive u/s 148 notice from Delhi (original notice was issued from Delhi) and after that you need to visit us and clarify the things. Alternatively they are saying send all those details to Delhi (from where the notice was issued) now, check if they can accept or not?
So my question,
1. What shall I do now? Whom to approach and how to file return, as for job purpose I need to go out of India for 2 years.
2. Why the IT departments are not sync at all? What Delhi guys are telling, Bangalore guys have no idea? Is it kind of joke? Harassing customer even after paying all tax?
3. Can you please tell me , how to resolve this issue ASAP, as I need to leave India for 2 years and will not able to track any further? And I am not ready to pay any further fine or penalty.
Please help me. Please.

Reply

402 Mayukh Mahapatra April 3, 2013 at 11:37 am

Dear Manish,
Thanks for the reply. I would request you not to provide some generic answer. Please tell me, what shall I do? Please answer specific to me. I am really tense want genuine solution for this problem..

Reply

403 ashala jauhari April 17, 2013 at 6:20 pm

Dear Mayukh, as you have already paid the due tax with interest under section 234, you should relax a bit now. In all probability it seems you forget to file your ITR for AY 2010-2011. Now on your part, please ask the same CA, you contacted earlier, ask him to prepare an ITR for you to be filed based upon the notice. You should sign it before you leave. In your absence, arrange a friend who can follow up with the same CA for the development of the case. No need to panic.

The CPC banglore is rightly asking you to contact Delhi office for the fact that they can not accept late ITRs beyonf the normal 2Year deadline. Which in your case is already over.

Thanks

Ashal

Reply

404 Manish Chauhan April 3, 2013 at 1:26 pm

Truely speaking , this is a complicated case and only a CA can guide you further from this point . We are not speacialized in this aspect at this level . But I can see that you dont need to panic a lot because you have done everything from your end . Its mostly a sync issue where the info is not updated on tax department side and mostly the notice is result of that mis communication . Check with your CA only on this and what he suggests next . Also a lot of CA’s are not full time in to taxation and returns filing etc, So check which CA can help you on that in your city .

Reply

405 Sathiyadev April 5, 2013 at 4:52 pm

Hi Manish
I have entered my forms and generated the ITR 1 from the website, but not couriered the same for the AY of 2009-10. But there is no Pending in my taxes to be paid. My Taxes to be paid is 24000 and i paid the same amount. If i send the ITR-1 now, will it be a problem. Please let me know.

Reply

406 Manish Chauhan April 6, 2013 at 11:02 am

You are late in return filing , you need to pay penalty I guess now

Reply

407 Special and URGENT CASE April 29, 2013 at 9:18 pm

Hello Manish,

Actually my case is a little-bit complicated and yes URGENT also.

So, getting to my problem.
This year is 2013 and I am asking that is there any way to pay 2010-2011 income tax now.
As, Paying that is important for me.
Please let me know soon. Its really urgent.
Any, extra charges or any penalty I am ready to pay as for my passport immigration stamp past 3 years income tax is urgent to show.
Please tell me soon what to do.

Reply

408 Manish Chauhan May 6, 2013 at 5:39 pm

Yes, you can pay for it , but with penalty ! , meet a CA , that should be better

Reply

409 Karthik May 13, 2013 at 3:40 pm

Hi, I had already filed my income tax for the FY 2010-2011. While going through my return ITRV now I understand that there has been a mistake and I am eligible for a refund of about INR 5000. My friends tell me that the window time for refiling is over with March 2013. Is there any way I can refile my return for FY 2010-2011 now?

Reply

410 Manish Chauhan May 18, 2013 at 1:56 pm

Yes, you can do that and claim your refund bank . Contact a CA

Reply

411 Karthik July 4, 2013 at 10:48 am

Is it possible to file it without contacting a CA? I tried using the govt website itself which I have filed for other FY returns but after I prepared my return and clicked on submit I received a message saying that I cant file it now.

Reply

412 Manish Chauhan July 5, 2013 at 9:53 am

Thats the reason you should meet a CA , pay few hundred and get it done . WHy think so much !

Reply

413 yogesh May 19, 2013 at 6:09 am

Hi Manish. I am Yogesh and filing my return every year on time. in 2012-2013 I did sale and purchase of properties. but now I am in USA and dont have all the documents here and will not return India till (say) 31Aug2014. So, how can I file ITR for assement year 2013-2014 as I am in USA and dont have all the documents?Should I file my ITR by form 16 and then revise it in 2014-15 when I will be in India having all the documents? Or I should not file ITR at all for AY2013-14 and file a late ITR in 2014-15?In this case how much penalty and other issues could be there? I am looking to file ITR by form 16 and revise it next year or not filing ITR in this AY2013-14 at all? Please advise. Thanks

Reply

414 Manish Chauhan May 25, 2013 at 6:54 pm

BEtter contact a CA in India who can take up your matter online . DO you want one in Pune ? Mail me !

Reply

415 pretty_dumb May 27, 2013 at 9:36 pm

Hello, I have one doubt/question. Please see if you can put some suggestions for me. I have been a illiterate and lazy on financial matters so far. So have done many dumb mistakes in my 7 years long earning life so far :(

I did not file tax for previous year 2010-11. At that time I knew that I have some returns so I assumed myself safe from IT department. And I kept on procrastinating filing returns. I did not know that I will need return slips to apply for bank loans. Now after reading so many articles on Jagoinvestor, I thought lets try filing return for that year. I found that I have returns of about 4950 INR but last date for filing return is already over ( 31st march, 2013 for p.y. 2011-12).

Now if I try filing returns at this time, I will have to pay 5000 INR as late penalty. So does it make any sense to try this all effort now at all. Should not I just forget about that year?

Reply

416 Manish Chauhan May 31, 2013 at 5:20 pm

Its always better to file your returns , because that you are safe and have things on paper ! . Also incase you need some loan in future , you will face problems in case you do not have ITR’s

Reply

417 arun kumar mishra May 29, 2013 at 10:01 pm

How to file the ITR for the year 2004-2005 ?

Thanx

Reply

418 Manish Chauhan May 31, 2013 at 4:30 pm

You cant do that .

Reply

419 Nishant Kumar June 12, 2013 at 11:58 am

Dear Sir,

I have received the latter from IT department that IT return for assessment year 2010-11,2011-12 is not filled.
My query is.
1. whether I fill online or not.
2. if online filling not possible then what is the way out.
3. is there any penalty for same.

Regards,
Nishant Kumar Srivastava.

Reply

420 Manish Chauhan June 14, 2013 at 11:02 am

1. Better meet a offline CA now , it would be much faster and with accuracy !

Reply

421 Narayanan June 19, 2013 at 3:54 pm

My mother is 86 years old and is a Family Pensioner of Government of India. She has never filed an I.T. Return so far, as there was no need. However, a necessity has arisen now to file a Return for AY: 2013-14 (and possibly previous years) since she received Pension Arrears (VI Pay Commission) in a lump sum for 8 years (from FY: 2005-06) together in March 2013. Her Pension receipts including the arrears for FY: 2012-13 exceeds Rs 5 Lakhs, the tax exemption limit applicable for her age.

Can she file the Return for AY: 2013-14 after apportioning the arrears for the the eight years before the Due Date? Is it also necessary to file returns for the previous 7 years; if so, can it be done under Section 139(4)? PLEASE NOTE THERE IS NIL TAX LIABILITY FOR ALL THE 8 YEARS.

Reply

422 Manish Chauhan June 21, 2013 at 11:55 am

This is a bit complicated issue and you should check this with a good CA in your city !

Reply

423 Wriju Bharadwaj July 2, 2013 at 12:38 pm

Hi Manish,

Recently I looked at the section for Outstanding Tax Demand on https://incometaxindiaefiling.gov.in

I found that a demand had been made for Rs. 128 on 13/10/2009. I have a few questions

1. I understand that “CHALLAN NO./ITNS 280 (payment of Income tax & Corporation Tax)” is to be used for this purpose, please correct me if wrong.
2. For the field Tax Applicable should the option “(0021) INCOME-TAX (OTHER THAN COMPANIES)” be selected?
3. The total amount which I need to pay is Rs.128/- plus 1% simple interest for each month till date (46 months till date)? Please clarify on this as the website does not mentioned inclusive or exclusive of interest.
4. In the Challan form which option that needs to be selected for the field “Type Of Payment*”
a. (100)ADVANCE TAX
b. (102)SURTAX
c. (300)SELF ASSESSMENT TAX
d. (106)TAX ON DISTRIBUTED PROFITS
e. (400)TAX ON REGULAR ASSESSMENT
f. (107)TAX ON DISTRIBUTED INCOME

Thanks and Regards,

Wriju

Reply

424 Manish Chauhan July 5, 2013 at 10:36 am
425 Wriju July 14, 2013 at 6:17 pm

Hi manish,

Posted this as a question on http://www.jagoinvestor.com/forum/need-advice-on-payment-of-outstanding-tax-liability/8860/

112 views no answers…

any thoughts or ideas????

Thanks

Reply

426 Manish Chauhan July 15, 2013 at 12:08 pm

Answered !

Reply

427 Wriju Bharadwaj July 16, 2013 at 7:59 pm

Thanks a lot….

Reply

428 Manish Chauhan July 18, 2013 at 3:16 pm

Welcome

Reply

429 Kunaal July 3, 2013 at 5:47 pm

Hi Manish,

Great Article for a ‘tax-ignorant’ person like me! I feel I know much more about tax after reading your article.

I have a question for you. For the FY 2010-2011 (Assessment Year FY 2011-2012), I had an outstanding tax liability. Being careless, I did not pay attention to the same at that time.

A few months later, I did receieve a notice from the Income Tax office that I have an outstanding liability of close to 70k. However, since I was abroad that time, I again let it pass and misplaced the letter.

Since 2 years have passed by (the final deadline to pay outstanding tax liability for FY 2010-2011 was Mar 2013), the CA I am speaking with says that there is no way that I can pay the outstanding tax liability unless I receive another notification from the IT department.

Ofcourse, I have been careless and negligent about paying this liability, however, I am ready to pay it now.

Is there any way to accomplish this at this stage? (Other than ofcourse waiting to receive another notification from the IT department by when the tax liability would have increased by leaps and bounds).

Request you to kindly advise me about the best solution possible.

Thank You!

Warm Regards,
Kunaal.

P.S.: When the assessee is willing to accept the mistake and pay tax to the Government, why has the Government made it so difficult for him/her to do so? Any comments?

Reply

430 Manish Chauhan July 5, 2013 at 10:07 am

I am sure there is a way out, the best you can now do is file a RTI and mention all this , and Ask what is to be done now and how to pay the tax .

Reply

431 Baij Bhatt July 14, 2013 at 8:55 pm

Hi Manish,
I haven’t file my returns for the financial year 2009-2010. Is it possible to file it now?
If it is not possible, what are the implications?

Thanks,
Baij

Reply

432 Manish Chauhan July 15, 2013 at 12:07 pm

It would be tough now . Better meet a CA at this point !

Reply

433 Rashmi August 4, 2013 at 11:57 pm

Hello Manish!

I’m a salaried person. My employer deducts the TDS. I didn’t know much Income Tax, return and refund, so depended very much upon the form-16 given by my employer. But this year i.e. FY 2012-13, there was a total deduction Rs. 52109 from my salary as own share against PF. But when I went through my form 16, the same contribution was showed as Rs 22465 and hence I was getting less refund than is due to me.

So tried to understand this whole tax business and got to know that few more disappointing facts about my previous years income tax i.e. FY 2011-12.
I found out that as per the employers policy, I didn’t complete my 3 months before the vacation, so I didn’t get the salary for that period. But when I calculated the gross salary mentioned in my form 16, it included that salary which I never drew. And hence there is a difference of around 38k rupees in my taxable income. the tax was paid by TDS and now I came to know that I should have gotten a refund of Rs 3942 on it.

As I told your I was ignorant about the matters of income tax (and still in a learning stage) and was told that filing return is not necessary if income is below Rs 5 lakh, so I didn’t file the return.

I know its quite late to worry about the extra tax and its refund as I can’t file its return now without paying the penalty of Rs. 5000. I know it sounds foolish, but I still want to know whether something can be done about it.
Can I claim the refund ?
Is it advisable to claim it ?
Kindly guide me in this matter…

with regards

Rashmi

Reply

434 Manish Chauhan August 5, 2013 at 10:14 am

Rashami

At this stage , I suggest catch a CA and take profession advice, He should be able to claim some refund amount for you.

Reply

435 Binu P J August 10, 2013 at 9:36 pm

Hi Manish,

am delay of in filling return for the assessment year 2009-10 filed on 26.04.2011 which i should have filed before the due date.vide income tax ward 10(2) Bangalore ( for income tax refund of Rs-70682/-)acknowledgement copy of the same enclosed. but when i approached office they telling so many reason like you have to summit medical certificate…etc otherwise ll not get so what can i do..? i need your guideline for this

Thanking you Sir,
Binu PJ

+919980051468
Bangalore

Reply

436 Jayaprakash August 11, 2013 at 4:18 am

Binu,

That’s all nonsense they are talking. Use master weapon RTI.

Reply

437 Manish Chauhan August 12, 2013 at 2:27 pm

Better catch a good CA .

Reply

438 SONU August 13, 2013 at 10:37 pm

Dear Manish,

My father who is a senior citizen has not filed his IT returns for the last 6-7 years AY 2008-2009 onwards. This was primarily because he was below the minimum tax slab and no tax was payable. There were TDS deductions also but he ignored them and did not take a refund.

Now I noticed this and desire that his returns be filed upto date. Can u suggest 1.what can be done within the law .
2. what penalties.
3. I shall go thru a CA but I need to be knowledgeable on the requirements and procedures

Thanks

sonu

Reply

439 Manish Chauhan August 21, 2013 at 2:30 pm

Better go through a CA now, as its not a simple case you can handle !

Reply

440 Ashish Mali August 27, 2013 at 8:08 pm

For assement year 2010-11,2011-2012,2012-2013 i havent file income tax return as my income was 4.0 lac which is less than 5 lac. But I received letter now from income tax.My employer has deducted TDS . Now what to do ? Shall i need to pay penalty ?

Reply

441 Manish Chauhan August 28, 2013 at 9:21 pm

If you owe anything, then surely you will need to pay penalty !

Manish

Reply

442 Rajesh September 4, 2013 at 10:25 am

Hi Manish,

I was not able to file the return for AY 2010-2011 as I was out of India and my taxable income in India was Zero. I have received a letter from the IT office asking me to provide the details of the returns.

Now can I inform them that Returns are in Preparation and file an offline return with a CA or shall I tell them that Taxable Income in India was Zero and hence I didn’t file the return.

Also am based of Pune. Can you please let me know some CA whom I can contact to file the backdated return in case I need to file the return ?

Regards,
Rajesh

Reply

443 Manish Chauhan September 7, 2013 at 5:28 pm

yea Rajesh

You can file it now . Let me connect you to my CA in Pune, connect with him and explain your situation .

Manish

Reply

444 Anand January 17, 2014 at 1:31 pm

Hi,

I am a salaried person and my taxes were deducted however I have not filed returns in the last five years. What should I do now, and what penalties would I face? Please let me know!

Thanks,
Anand

Reply

445 Manish Chauhan January 20, 2014 at 7:09 pm

You will be facing a good enough penalty now . I suggest get in touch with CA on this matter.

Reply

446 Veer VEER K February 1, 2014 at 9:20 pm

Hi…
I was unemployed during the year 2008 to 2011.
I got a job in Jan-2011 and again i had to quit in April-2011 (3 months).
My next job was from Sep-2012 till Sep-2013.
I got a mail from IT dept today abt ITR for AY2010-11, AY2011-12.
I have to reply in 10 days.
Kindly guide me in filing my old ITR.

Regards,
Veer

Reply

447 Manish Chauhan February 3, 2014 at 5:45 pm

Hi Veer

For that you need to meet a good CA , how can we help you on this ?

Reply

448 vikas February 3, 2014 at 10:40 pm

By Mistake I deposited excess amount in I tax which I did not indicate in return filed for fy 2008-2009. Can I get back excess amt deposited by filing revised return now. Salaried govt employee

Reply

449 Manish Chauhan February 14, 2014 at 8:47 pm

Yes you can

Reply

450 Subhash Mittal July 14, 2014 at 1:08 pm

Dear Manish,

I had filed ITR, send mine ITR V and the amount of income tax mentioned in form 16 and in 26 AS (TRACES) MATCHING.

But I have a doubt and so mine query is :
1. I have a salary account in mine name and is a joint account with mine wife.
Now the interest of both accounts is summing up 9600 (salary account)+ 2200(Joint account)=11800,should I declare 180o (11800-10000) as income from other sources (under saving account) in mine ITR and I hav to pay the income tax for it or I should be not be worried about both or as I am the only incometax payer then 1800 has to be shown in mine ITR,please suggest.
2. How to deposit this tax against 1800 if it should be shown in mine account.
3. Also as I hav already sent mine ITR V to income tax department,so if i have to pay income tax on 1800 then can I refile the ITR and resend the newly generated ITR V.
4. Further in sent TR V ,I did a small mistake that I had filled the deduction under section 80G in its B catagory but as this contribution was made to CII foundation for Utrakhand disaster ,so I think it should be filled under 80G-D category ( as CII is pvt organization though Govt authorized) ,if I have to refile ITR due to above mistake (considering it a small mistake) if tax for 1800 is not to be taken care of.
Please advise.
Thanks.
Subhash Mittal

Reply

Leave a Comment