Income tax

This query is : Resolved

payal (Querist)
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02 July 2013 one individual has income below exemption limit for the FY 2011-12. bank has deducted TDS on his income in 11-12. now dt. of return filling for belated return is gone. now how can I file return? & what is penalty under income tax act in this case.
Is this compulsory to file income tax return if we have PAN?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 July 2013 If your income is comes under taxable limit then need to file Income tax mandatory u/s.139(1) you can file as belated now, may refund comes after adjusting the penalty