A Senior citizen & US green card holder under treatment for cancer in US couldn't file IT return since A/Y 2009-2010. She has only other sources income in India (Bank interest on deposits) which is below Rs 2.5 Lac. Bank deducted 10%. Can she file return now for all these years and get back refund of 10% without penalty for delayed submission? What would be the penalty in case the other sources income exceeds than the exemption limit in any one year?
1 Answers
As returns were not filed on time, assessee loses right to get refund for extra tax paid.
If returns are now filed, assessing officer may also demand Rs 5000 as penalty for late filing.
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