Did you miss your deadline of 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 return 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 .
Incase you have still not planned your taxes , here is a small guide for quick tax planning .
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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.
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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 meant 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
{ 287 comments… read them below or add one }
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 ,
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
i have filed my returns just few days back and your inputs REALLY helped me a lot,
thanks once again
Nilesh
Nice to know that
. Please share it with all your friends and family .
manish
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
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
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?
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).
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
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:
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
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 =-.
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
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? =-.
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,
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
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
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
What loans are you talking about ?
Manish
car loans, home loans
ok , but I am not sure how does that fit the conversation , may be you need to explain more .
Manish
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
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
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% =-.
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? =-.
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
i dont whether i am right what do you say guys.
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 =-.
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
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?
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.
I don’t think I can submit rent receipts to IT department like 80C receipts.
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
How IT dept will accept the HRA declared by me. How can they confirm that figure is true and genuine.
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%
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:
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
Srinivas
Why not ? I submit my Rent recipts to my employer . Dont you ?
Manish
I also submit. please read my first comment.
Srinivas
ooops .. my mistake
.. I didnt read that you mentioned IT dept and not “your employer” . Apologies ..
Manish
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 ..
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
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…
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?
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
Rishab,
your article is Very informative and one of its kind …
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
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
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.
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
Good Article…
Thanks Nikhil
Manish
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 =-.
Hi Harshal,
sincere thanks for the appreciation, we should thank manish for initiating this blog and thereby sharing most of the unexplored areas
thanks
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
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
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
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
shoot.. sorry bout the really looong comment
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
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?
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.
i think we can also cover Online Filing V/S Manual Filing
what say:)
Yes , looks like a good idea .
Lets do Online Filing Vs Manual Filing in future
Manish
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
hi Farnaz,
cannot comment without going through the “Notice” as we need to first see on what ground the said charges have been demanded.
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.
Srikumar
Rishabh should be able to guide you .. I am mailing him .
Manish
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.
Shalini
I think if you have paid the tax last year then return can be filed.
Rishabh , can you reply on this ?
Manish
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
Rishabh , can you answer this ?
Manish
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.
Radhika
Rishabh can help you on that , mailing him !!
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
Due Date for submitting ITR for the A.Y. 2008-2009 in the case of Audited Assessee.
COULD PLEASE SPECIFY WHICH CODE EXACTLY.. (sorry for the capitals !just to grab attention)
Pradeep
What Code ? Not sure what is your question exactly ?
Manish
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
Pavan
As far as i know both the form 16 is required to show in return .
Manish
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
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
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?
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
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
Kranthi
U dont need to file any return , as your taxable income is below the limits
Manish
Thanks for explaining in detail covering different scenarios, reading the above article has cleared few doubts.
Krishna
Thanks
. Keep commenting 
Manish
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
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
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
Raj
I am not sure of this, its too much technical for me , some one else here might be able to answer you
Manish
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?
Tony
Its more suited to ask it here : http://www.jagoinvestor.com/forum
Manish
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.
Yes you will have to pay the penalty of 5000 + interest also , check with some tax expert
Manish
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
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
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
Ok great !
Manish
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
Hi Manish,
Tax amount was Rs 4601 instead of 49601. Apologies..
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
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
Sarita
3-4 yrs have gone by , you should contact a CA now . Which city are you in ?
Manish
I m putting in Delhi. could u please suggest a CA/contact details.
will very thankful to you.
sarita
Sarita
A simple call to justDIAL will help you . I have no idea about any CA in Delhi
Manish
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.
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
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!
Vineet
5k is per year for single year , it would get compounded a lot incase you are too late
Manish
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?
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?
You can do that and it might just work , but remember that you are not filing for 2 yrs which is not legal
Manish
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
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 https://incometaxindiaefiling.gov.in/portal/common.do?screen=jurisdiction. 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.
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.
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
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.
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
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
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!
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
Thanks Manish for the quick reply!
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
Let me check with the expert and get back to you
Manish
I forgot to add “Nature of demand” as per letter is U/S 143(1). What is it ?
Regards
Shailinder
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
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
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/
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.
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
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.
Rakhi
I am not aware where you can check those records online .
Manish
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.
Amrish
You have read the article , right ? You can file it till 2012 , just that you will loose some benefits !
manish
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.
No tax filing for the salaries below 5 lakhs
To know more check the below link
Good news and no tax from now on
Ravi
Thanks for the link
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?
Rahul
NO you wont be charged the penality of 5k
Manish
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.
Dheeraj
I think I was wrong, you are correct .
Manish
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
Manish,
Can you share your views on the above?
Regards,
Rahul
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
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.
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
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
Thanks a lot for you help Manish.
Regards
Nicky
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
Sunit
I think in this situation , its better to get hold of a CA , he will help you in this regard .
Manish
Greetings
Just saw your article by chance
It is informative and I am better informed of the law
Thanks
Pravin
Thanks for your comment . Keep reading
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
Hetal
Yes , he can file for last all years, but it will attract more penalty and better now he catches a CA
Manish
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?
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
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.
Meet a CA , he will tell you exact steps
Manish
thanks a lot
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
What matters is if you have paid the final tax or not ?
Manish
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.
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
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.
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
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.
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
Prasad
No , refunds are possible only if you file the returns on time . else not
Manish
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
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/
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,
Satish
Its illegal , you need to show your full income as per tax laws .
Manish
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
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
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
Gopi
You should recalculatingt things . see if there is anything to be paid or to get back and then refile teh returns .
Manish
Thank you, for the quick response
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.
What is mean by Advance Tax Paid?
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
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
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?
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
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
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
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.
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
Rajesh
He will have to pay some penalities now : http://www.jagoinvestor.com/2010/01/how-to-miss-your-income-tax-returns-itr-deadline-and-still-enjoy.html
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
Sarvesh
No , you cant ,. if the money is recieved here .. then the tax will be there . .
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
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
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?
Dwarika
Its too late for filing those returns , better you meet a CA on this .
Manish
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
https://incometaxindiaefiling.gov.in , which shows AY 2005-06 to 2011-12 ??
Dwarika
Great .. that means you can do it , i didnt knew about that .
Manish
??? I could not find the answer?
Dwarika
generally if your filings are missing for 2-3 or more years .. Its suggested to meet a CA
Manish
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 ?
Praful
http://www.jagoinvestor.com/forum/ will be a better place to get this answer
Manish
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
Ashok
You can use the tutorial in this article : http://www.jagoinvestor.com/2011/07/online-tax-returns-efiling.html
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
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
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
Dhivya
You should ask it on our forum , that will give you better answers , there are subject experts there : http://www.jagoinvestor.com/forum/
Dhivya
Its not so straightforward to get a refund like this .. you need to re apply for it
Manish
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.
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
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.
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
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
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
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……
Dayna
Good to hear that
..
Manish
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
Shalin
If you have not filed for your returns on time , you have lost the opportunity to get back the refund . forget it .
Manish
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
Sridhar
Your case is not a normal case now , please meet a CA
Manish
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…
Reach
For tax purpose ,, the only thing which is considered is how much did you earn in a year , no matter how
Manish
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.
Jay
Its suggested for you to meet a CA now, its too late for you to try out things on your own ‘
Manish
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
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
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.
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
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.
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
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.
Shekhar
You need to file returns only when it goes above the taxable limit , else you dont need to
Manish
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
Vimol
You can make the tax payment at https://tin.tin.nsdl.com/ .
Manish
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.
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
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
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
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.
Inder
Form 16 is not mandatory , its just that you take the information out of Form 16 and use it ..
Manish
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.
Inder
Its adviced to meet a CA if its getting complicated, better to pay a fee rather than messing it up more
Manish
Hi Manish
Thanks for your valulable adivse.
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….
Biswanath
You need to clear the dues . what else ! .. meet the CA
Manish
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!!!!!!
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
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.
Rohit
Yes , you can , but better you meet a CA now ..
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.
Jaya
This can be answered by our forum members : please ask it there : http://www.jagoinvestor.com/forum/
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.
Rohit
Was your income NIL even in those years ? then why do you want to file the returns for those years ?
Manish
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.
Rohit
you can skip the filing of returns only if you have a below limit income ,else you should file it
Manish
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.
Ajith
Refunds take time most of the time . for better answer ask your CA , he will have better clarity on this
Manish
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?
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
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.
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
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.
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
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
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
Yes I can do. I will surely in a couple of days.
Thank you
Hi Ashal,
I have the pdf files ready 6 of them 3.43 mb where do I send them.
Again thanx,
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
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.
Please ask it here : http://www.jagoinvestor.com/forum/
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
Dear Neela, Yes you can file your return now. Please do hurry up before 31st march 2012.
Thanks
Ashal
Dear Ashal,
Thank you for your response.. I have filed my returns..
Regards,
Neela
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
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
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
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
Many thanks for your response Ashal. Will pay advance tax then
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.
Datta
I recommend get your answer from forum : http://www.jagoinvestor.com/forum/
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
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
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
YEs you can do that
Thanks Manish..but as per Ashal this is not possible now ?
Rajesh , my bad .. i was wrong ..