i am into consultation business in india.i have filed my ITR for 7 years continuosly. but since last 3 years i could not file my ITR.i want to make huge creditibility with banks quickly. now i am ready to file my pending ITR’S also.please give me some practical tips.
Under section 139(4) of the Income tax Act, you can only file your return within one year from the end of the assessment year for which you are filing i.e. one year from the end of the financial year. Now you can file your Financial Year 2004-2005 return till 31.3.2007 and 2005-2006 return till 31.2.2008. For earlier years your returns have to be regularized by the assessing officer under section 148 of the Income-tax Act, 1961. If there are unpaid taxes, there will obviously be interest and penalties.
Best to consult a lawyer or CA to help you through this.