I did file any Income Tax returns for 2005-06 but my company has deducted all the Income Tax as per act on my total income.
is it really any offence which i didn't file for last year or there is no issue. please suggest me i can able to file for this year.
For the FY 2005-06, the due date for filing the return was 31st Jul 06. However, Sec 139(4) of the IT Act allows tax payers to file belated returns within one year from the end of the relevant Assessment Year (2006-07) which implies that the return for FY 2005-06 can be filed on or before 31st Mar 08 subject to the following.
If the assessee has paid all his taxes but failed to file the returns on the due date (31st Jul) for genuine reasons, no penalty or interest shall be charged, provided the return is filed by the end of the assessment year, that is, 31st Mar 07. However, if the return is not filed till 31st Mar 07 and the assessees income is picked up for assessment, the taxman can impose a penal charge upto Rs 5000 u/s 271F inspite of the fact that belated return can be filed by 31st Mar 08
So file your return immediately