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October 16, 2013

ACCOUNTANT READY TO FILE RETURN FOR FINANCIAL YEAR 2010-2011

QUESTION-

Can i file tax returns for F.Y. 2010-2011 = INDIA?

Hello,
i wanted to file my tax returns for F.Y. 2011-2012. When I looked into online community for advice, most of them said it is not possible where as when i got in touch with a accountant for filing IT returns for 2011-2012, he said it is possible but can be done only manually. I just wanted to know if it is really possible or is he just saying that to take the filing fees from me. What sort of a proof will i get after filing in manually.
Please Advise
I am 31 yr old male, chennai - married, Indian resident.


ANSWER-

Hi,
First of all let me tell you that as per Income Tax Act, you can file return just for 2 years at a time i.e. you can file your return only for Financial Year 2011-12 and 2012-13.
Your question above is confusing, please clear whether you want to file for Financial Year 2010-2011 or 2011-2012.

I have tried to answer your query by taking both dates and you solution are below:

1. If you want to file for F.Y. 2010-2011- It is not Possible

If you want to file for F.Y. 2011-2012- It is Possible both manually as well as through E-Filing 

2. If your Return is for F.Y. 2010-2011- Your Accountant is fooling you, he will get it stamped at back date and this will be against Income Tax law and can attract Penal proceedings if found our by Department Officers. Secondly your will get an acknowledgment from your accountant but that would be of no use as it will be fake.

If your return is for F.Y. 2011-12- Your accountant is still wrong  because you can file through E-file medium also


Hope this will serve your query, Please comment below if it helped you or for further query

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