Dear,
In Income tax Assessment year is one year ahead of the financial year
AY 2008-09 means FY 2007-08 hence AY starts from 01-04-2008 to 31-03-2009 BUT it relates to financial year 01-04-2007 to 31-03-2008 since it is that years income being assessed in the next year hence it is one year ahead of the FY.
Due date for AY 2008-09 has already ended....
for salary it was 31-07-2008
for business it was 31-07-2008 if not auditable
for business auditable it was 30-09-2008
though the returns could have been filed upto 31-03-2009 without any penatly....
BUT LEKIN KINTU PARANTU
you can still file for AY 2008-09 ... there is no restriction that you cannot...though if the department wants they can recover a max of Rs. 5000 as penalty.
In Income tax Assessment year is one year ahead of the financial year
AY 2008-09 means FY 2007-08 hence AY starts from 01-04-2008 to 31-03-2009 BUT it relates to financial year 01-04-2007 to 31-03-2008 since it is that years income being assessed in the next year hence it is one year ahead of the FY.
Due date for AY 2008-09 has already ended....
for salary it was 31-07-2008
for business it was 31-07-2008 if not auditable
for business auditable it was 30-09-2008
though the returns could have been filed upto 31-03-2009 without any penatly....
BUT LEKIN KINTU PARANTU
you can still file for AY 2008-09 ... there is no restriction that you cannot...though if the department wants they can recover a max of Rs. 5000 as penalty.
But my FY07-08 accounts aren't in perfect order. I noticed there's an option in ITR4 for people like me.
What are the repercusions of using this option? Will there be a mandatory scrutiny of my accounts or something?