05 January 2016
last 3 years I did not it return if i am not tax compusory tax payers just i retun it for need of some loan taken purpose if i pay some tax and some adjusted by my tds .But until date i i have not taxable income for return so i want to know any penalty will be charges for not return of it retrun.if i am want to return for this year.
25 January 2016
If your total income before chapter vi A deuctions not exceeded baisc exemption limit you are not liable to file income tax return.so if you have not filed return those cases and filed later no penalty will be charged to you.
But where it exceeds basic exemption limit you are liable to file return atleast with in one year from the end of relevant assessment year failing which Rs.500 penalty may be levied on you as per section 271F of incometax act.. However this penalty is on demand of assessing officer and very rare cases it is charged.these days i have not heard cases where penalty charged for delay filing of return.
So you can file return now with out worrying on penalty
CAclubindia
