Filing of Income Tax Return

Last date for filing Income tax return for FY 11-12 for us is 31.7.2012

Qus : If the last date of filing falls on Saturday or Sunday or Public Holiday and Income Tax Department is closed on  these days, can subsequent Monday be treated as "Last date of  Filing"?

Answer: Yes, if Income Tax Department is closed on these days. Otherwise, No.

This year 31st July falls on Holiday in Punjab but Income Tax offices remains open on that day. Further 30.09.2012 is also falls on Sunday but All assessees who's Income tax return due date is 30.09.2012  (accounts are required to be audited and corporate assessees ) are required to  File return online and online portal is  always open and work 24 X 7.

Qus : Is it mandatory to file return of income after getting PAN?

Answer: No. The liability to file return of income arises only when you total Income is more than exemption limit  without deduction u/s 80C to 80U and section 10A and 10B ,section 10BA.

Qus : Who can file the return for a deceased assessee?

Answer: A legal heir can file the return in such case.

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Revised return {section 139(5)} :  Return Filed with in due date can be revised any time before completion of  assessment subject to maximum by   the expiry of one year from the end of the relevant assessment year. For Financial year 2011-12 ,if return is filed with in due date then it can be  revised by 31.03.2014.

Belated Return {section 139(4)} :Every assesse Can file their belated return with in one year from the end of  the assessment year relevant to previous year or before completion  of assessment u/s 142(1). For Financial year 2011-12(ay 2012-13) belated (late) return can be filed by 31.03.2014 (i.e one year from end of assessment  year 2012-13 ending 31.03.2013)

Consequences of Belated (late) return Filing :

No revision :Late (belated ) return Can not be revised. Loss can not be carried forward :If any person file late return ,who has  sustained a loss in any previous year under the head following head, can not  carried forward losses to next year. "Profits and gains of business or profession" or under  the head "Capital gains" Penalty :If return is filed after end of assessment year (after 31.03.2013 in case of return of Fy 2011-12) then  assessing officer may impose penalty up to Rs 5000/- under section 271F Interest :Interest Under section 234A @ 1 % per month applicable on Net outstanding Tax due amount.

Other Related Points.

No return If Gross Total Income Less than exemption Limit :No Income Tax Return Return required to be filed If Gross  Total Income is less than the Exemption Limit (Income before deduction u/s 80C  to 80U and  section 10A and 10B ,section 10BA )

No Income Tax return Salary Income Up to 5 lakh :No Income Tax return required to be filed where  assessee have only  5  lakh Total income including salary Income and saving bank interest up to  10000/-.