Whether tax return can be filed for Assessment year 2011-12 & 2012-13 now?

POSTED BY Yogesh K ON July 29, 2013 6:23 pm ONE COMMENT

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:””;
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:”Times New Roman”;
mso-bidi-theme-font:minor-bidi;}

My wife is housewife. Her income is from Bank interest earned on FDs and some share transactions. These Bank FDs are created when she was working.

Her total income for financial year 2010-11 & 2011-12 was not taxable. She did not earn bank interest more than 10000 on any year.  She earned some long term gains in shares transactions.  She also earned some short term loss in shares transactions.

As her total income was not taxable, she did not file Tax return for assessment year 2011-12 & 2012013. If she wants to file tax returns for assessment years 2011-12 & 2012013 now then whether there will be any penalty?  Whether she can carry forward short term  losses she earned in financial years 2010-11 & 2011-12 ?

One reply on this article “Whether tax return can be filed for Assessment year 2011-12 & 2012-13 now?”

  1. BanyanFA says:

    Yogesh,
    You can file your returns at any time without being subject to any penalty as no tax is payable. However if you want to carry forward any losses, the return needs to be filed before the due date.

    Hence for the years before 31-3-2013, you won’t be able to carry forward any losses.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today