05 July 2009
IF A PERSON DIDN'T FILE HIS INCOME TAX RETURN FOR MORE THAN 3 YEARS & FILE ALL THREE YEARS RETURNS IN ONE YEAR ONLY. WHAT WILL BE PENAL ACTION AGAINST HIM??? HE IS BELOW INCOME TAX SLAB RATE. PLZ SOLVE MY QUERY... THANKS
05 July 2009
only penalty of Rs 5000 can be imposed for filing of return afeter the end of Assessment year but it can be waived off if sufficient reason is shown.
06 July 2009
As his income is below the basic exemption limit no penalty can be levied for delay in filing return of income. No penal action can be initiated against assessee.
07 July 2009
all three can be filed at a time.....since there is no tax liability no penalty will be levied.....pls refer assessment procedure...and also refer some ICAI practical past examination questions
CAclubindia
