Delay in filing Return

Q. I am a salaried person and my TDS is deducted every month. When new ITR forms were introduced, I found them quite cumbersome. That’s the reason why I haven’t filed my tax returns for the last four years. Is it possible to file all the returns now? I have to claim refund for all the four years.

A. The tax law allows you to file late income tax returns if you failed to file returns before due date. The late returns can be filed within within two years from the end of financial year. Therefore you can now file tax return for the financial year 2008-09 and 2009-10 only. You will be eligible to claim refund of excess income tax deducted at source for both these years. Also, if the late return is filed after the expiry of one year from the financial year, you will be charged with a penalty of upto Rs.5,000 unless you provide a valid reason for the delay.